Understanding the Market | Gold stocks generally rise as interest rate cuts and risk aversion boost gold prices to new highs, with spot gold surpassing $3,840
Gold stocks generally rose, with ZIJIN GOLD INTL up 58.54% and GT GOLD up 10.42%. Influenced by expectations of interest rate cuts in the U.S. and geopolitical tensions, spot gold surpassed $3,840 per ounce, and COMEX gold futures rose to $3,870 per ounce. ZIJIN GOLD INTL was listed on the Hong Kong stock market on September 25, which is expected to drive an overall valuation adjustment for ZIJIN Mining
According to Zhitong Finance APP, gold stocks continued their recent upward trend at the beginning of trading. As of the time of publication, ZIJIN GOLD INTL (02259) rose by 58.54% to HKD 113.5; GT GOLD (08299) increased by 10.42% to HKD 0.53; ZIJIN MINING (02899) was up 2.67% to HKD 33.02; and Lingbao Gold (03330) rose by 1.52% to HKD 18.68.
On the news front, influenced by expectations of interest rate cuts in the U.S., concerns over a potential government shutdown, and escalating geopolitical tensions, international gold prices have reached new highs. This morning, spot gold broke through USD 3,840 per ounce, and COMEX gold futures also rose, surpassing USD 3,870 per ounce, with a daily increase of 0.5%. CITIC Futures indicated that during the holiday period, attention should be paid to the disclosure of U.S. non-farm payroll data and PMI data, as well as the risk of delayed data releases due to the stalemate over the U.S. bipartisan fiscal bill, which could lead to a government shutdown.
In addition, on September 25, ZIJIN GOLD INTL officially listed on the Hong Kong Stock Exchange. The company was spun off from ZIJIN MINING and holds interests in eight gold mines located in resource-rich areas in South America, Oceania, Central Asia, and Africa. Northeast Securities believes that after the spin-off listing, the company's gold segment will receive a revaluation in the capital market, driving an overall upward adjustment in ZIJIN MINING's valuation
