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Hong Kong stocks fluctuate | Golden industrial concept generally rises. The unexpected slowdown in US CPI boosts expectations for rate cuts, and gold prices once again break through the $2400 mark.
As of press time, golden industrial concept stocks generally rose. Lingbao Gold (03330) rose 5.64%, with a reported price of HKD 3.56; China Gold International (02099) rose 3.14%, with a reported price of HKD 54.15; Zhaojin Mining (01818) rose 2.22%, with a reported price of HKD 15.64.
Gold Rises to a Seven-Week High as the Dollar and Yields Tumble After U.S. Inflation Slowed Last Month
Gold traded at a seven-week high early on Thursday, spiking back above the US$2,400 mark for the first time since May 22 after U.S. consumer prices rose less than expected last month, sending the
Tracking Hong Kong stock concepts | The Fed does not need to wait for inflation to fall below 2% before lowering interest rates. Gold prices will have further drivers in the future. (Attached concept stocks)
Continuing to stay ahead of the expected rate cut by the Federal Reserve, industry insiders say that the adjustment in gold prices may provide a good buying opportunity.
Gold Price Resumes Uptrend, US CPI in Focus
Gold surges amid growing expectations of Fed rate cuts in September.
UBS Group rates Zijin Mining Group as a "buy" with a target price of HKD 22.3.
UBS Group released a research report stating that they give Zijin Mining Group (02899) a “buy” rating. The company's gold production in the first half of the year was about 35.4 tons, a year-on-year increase of 9.6%; copper production was about 0.518 million tons, a year-on-year increase of 5.3%. The price increase and cost control improvement brought surprises to the performance. Due to the outperformance of the market expectations, the bank expects a positive reaction from investors, and the target price is HKD 22.3. The report stated that the company is expected to achieve a net income of RMB 14.55 billion to 15.45 billion in the first half of the year, a year-on-year increase of 41% to 50%, achieving 51% to 54% of UBS's expected net income of RMB 28.5 billion for the fiscal year of 2024.
Stocks in Hong Kong are fluctuating. The golden industrial concept continues to decline, and the testimony of Powell is neutral, which suppresses the price of gold as the USD strengthens.
According to the Wisdom Finance app, golden industrial concepts continue to decline. As of press time, Lingbao Gold (03330) fell by 4.42% to HKD 3.24; Zijin Mining Group (02899) fell by 3.25% to HKD 17.26; China Gold Intl (02099) fell by 2.72% to HKD 51.9; and SD Gold (01787) fell by 1.3% to HKD 16.66. On the news front, Federal Reserve Chairman Powell acknowledged progress in inflation and a cooling job market but did not clearly signal an impending rate cut. The USD was performing relatively strongly, with gold prices briefly falling below $2,350/oz overnight.
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104367086 : Any idea for Baba stock