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Golden industrial concept continues to rise in Hong Kong stocks as the global central bank interest rate cuts accelerate. The gold price has climbed to a two-week high.
According to the report by Zhītōng Cáijīng APP, the stocks of gold continue to rise. As of press time, SD Gold (01787) has risen 4.66% to HK$17.98; Zhaojin Mining (01818) has risen 3.55% to HK$15.16; Zijin Mining Group (02899) has risen 1.88% to HK$17.36; Chinagoldintl (02099) has risen 1.98% to HK$54.2. In terms of news, the US non-farm payroll data for May was lower than expected, and the expectation of rate cuts by the US Federal Reserve increased. The Bank of Canada made its first interest rate cut in four years, becoming the first central bank in the G7 countries to cut interest rates and said that there is reason to expect further rate cuts.
South Water bought more than 400 million yuan of China Yangtze Power; North Water increased holdings of China Mobile by more than 700 million Hong Kong dollars, buying Xiaomi for 11 consecutive days.
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HK stocks saw unusual movements today. Zhaojin Mining (01818) rose over 4% and led the golden industrial concept, while Canada took the lead in reducing interest rates and UBS Group significantly increased its outlook for gold prices.
According to the Wisdom Financial app, golden industrial concept stocks opened high this morning. As of press time, Zhaojin Mining (01818) rose 4.06% to HKD14.36, SD Gold (01787) rose 2.63% to HKD17.14, Zijin Mining Group (02899) rose 2.44% to HKD16.8, and Chinagoldintl (02099) rose 2.33% to HKD52.7. On the news front, the May small non-farm ADP employment in the United States released on Wednesday was weaker than expected, further confirming the signs of cooling in the US labor market, which may prompt the Federal Reserve to move forward earlier this year.
Gold Rangebound as Traders Seek More US Data for Fed Cues
Zijin Mining Group (601899.SH) will issue a dividend of 0.2 yuan per share in 2023, with a record date of June 7th.
Zijin Mining Group (601899.SH) announced that it will implement annual equity distribution in 2023, with a distribution of per share...
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