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The golden industrial concept sector fell universally. Zhaojin Mining (01818) fell by 9.86%. Bank of China believes that the future interest rate cut path of the US Federal Reserve is still unclear. Metals face significant trade risks in the short term.
Jingu Caixun | The golden industrial concept sector is generally falling. As of press time, Zhaojin Mining (01818) fell 9.86%, China Gold International (02099) fell 7.5%, Lingbao Gold (03330) fell 6.91%, China Silver Group (00815) fell 6.78%, Zijin Mining Group (02899) fell 5.86%. Du Yang, a researcher at the Bank of China Research Institute, pointed out that the increasing uncertainty in the global economic and financial environment is one of the main reasons for the sharp fluctuations in metal prices. The lower-than-expected US inflation data has triggered the market's expectations of a rate cut by the Fed, further pushing up the price of gold. End.
Hong Kong stock market mid-day review: Hang Seng Index fell by 1.42%, recording 3 consecutive declines. Technology and financial stocks and other weights fell across the board. Photovoltaic stocks bucked the trend and rose.
The three major indexes continue to decline, all recording three consecutive falls.
Hong Kong stocks are volatile. Golden industrial concept ranks first in terms of decline, with chinagoldintl falling more than 8%. International gold prices continue to fall.
As of press time, the stocks of gold companies are leading the decline, with Chinagoldintl (02099) down 8.48% to HKD 42.1, Lingbao Gold (03330) down 6.61% to HKD 3.11, SD Gold (01787) down 5.46% to HKD 15.94, and Zijin Mining Group (02899) down 4.46% to HKD 15.
Goldman Sachs: For every 10% drop in gold price, physical gold demand in China rises 16%, and gold prices are expected to remain at 2700 next year.
Goldman Sachs believes that physical gold demand still dominates the Chinese market, and Chinese consumers may play a key role in pushing up gold prices. There is still more than 12% room for gold prices to rise next year, and expectations of a Fed rate cut and demand from central banks around the world will also help boost gold prices.
Does the Rally in Gold Still Have Room to Run? – TDS
Huili: bullish on gold's performance in the second half of the year, a chance to buy in on a dip to $2300.
Zhao Shande said that from a technical perspective, any pullback to the strong resistance at $2300 can provide a good buying opportunity for investors, reflecting that gold has a certain defensive capability.
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