HK Stock Market Move | Golden stocks are generally rising, the Federal Reserve has started an interest rate cut cycle, and the long-term gold price may still have room for further upside.

In the morning session, the shares of gold companies generally rose. As of press time, CHINAGOLDINTL(02099) rose by 4.19% to HK$33.6; ZHAOJIN MINING(01818) rose by 3.88% to HK$13.4; Zijin Mining Group(02899) rose by 2.84% to HK$15.92; Shandong Gold Mining(01787) rose by 2.4% to HK$16.2. On the news front, overnight spot gold rose by more than 1%, briefly returning above $2590 per ounce and finally closing up 1.07% at $2586.56 per ounce. COMEX December gold futures rose by 0.5% to $2611.5 per ounce at the close. Previously, the Federal Reserve initiated a slightly higher than expected 50 basis point rate cut, but Federal Reserve Chairman Powell stressed that data determines action. In terms of economic data, initial jobless claims in the U.S. for the week ending September 14 fell to 219,000, the lowest since the week of May 18, 2024. Huatai pointed out that the combination of a "50bp rate cut" and a "hawkish stance" has relatively limited impact on the gold price. Combined with the current gold price being relatively fully priced for a U.S. rate cut, if the rate cut is not significantly above market expectations, the bank predicts that gold prices will likely continue to fluctuate at high levels in the short term. Looking ahead, the future trend of the U.S. economy and the U.S. election will be important factors driving the gold price further upwards after the rate cut. Based on the background of a U.S. "broad fiscal" + "high inflation" structure, it is believed that there may still be upward space for the gold price in the long term.