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Why is a large Middle Eastern financial consortium buying assets in China?
Traveling back and forth.
Buyers buy gold at low prices, and the premium of Asian gold is getting stronger.
This week, gold demand in India has risen due to the fall in gold prices, while the gold premium in China has strengthened due to some bid orders for safe-havens.
Can Gold Maintain Its Near Record High Price Through August?
The rising international gold price drives up the golden industrial concept, and Zijin Mining Group (02899) rose by 4.02%.
Jinwu Financial News | Golden industrial concept collectively rose, Zijin Mining Group (02899) rose 4.02%, Lingbao Gold (03330) rose 3.94%, Chinagoldintl (02099) rose 3.92%, Zhaojin Mining (01818) rose 3.47%, SD Gold (01787) rose 2.08%. On the news front, the high-frequency unemployment data in the United States eased recession sentiment and the price of gold rebounded significantly. Overnight, NYMEX gold futures closed at $2463.3 per ounce, up $30.9, or about 1.3%.
Hong Kong stocks abnormal change | Golden industrial concept rises collectively, initial claims data eases worries of recession, Middle East geopolitical situation remains tense.
Golden industrial concept collectively rises. As of writing, Lingbao Gold (03330) rose 3.94%, at HKD 3.43; Zhaojin Mining (01818) rose 3.79%, at HKD 13.16; Zijin Mining Group (02899) rose 3.61%, at HKD 15.48.
Nonferrous metals sector generally rose, with Chinahongqiao (01378) rising 5.75%. In July, prices for nonferrous metal materials increased by 11.3%.
Jingu financial news | The nonferrous metals sector rose across the board, with China Hongqiao (01378) up 5.75%, Luoyang Molybdenum (03993) up 4.25%, Aluminum Corporation of China (02600) up 4.08%, Zijin Mining Group (02899) up 3.35%, and Jiangxi Copper (00358) up 3.1%. On the news front, data from the National Bureau of Statistics showed that in July 2024, the producer prices for industrial products fell by 0.8% year-on-year and 0.2% month-on-month. Among them, prices in the black metal smelting and rolling processing industry fell 3.7%, while prices in the nonferrous metal smelting and rolling processing industry rose.
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