Tracking Hong Kong Stocks Concept | Gold Price Continues to Rise, Gold Mining Companies Benefit on Profit End (Including Concept Stocks)

Spot gold rose in early trading, hitting $2630 per ounce, continuing to hit historical highs, with a 0.3% increase during the day. COMEX gold futures hit $2650 per ounce, rising 0.14% during the day. Bank of America strategist Michael Hartnett warned that the excitement in the stock market after the Fed rate cut has increased the risk of bubbles, making bonds and gold attractive tools to resist economic recession or rising inflation. The divergence in the trends of gold prices and interest rates this year has been largely driven by central bank purchases of gold. Although the Chinese central bank suspended gold purchases since May, gold imports in India hit a record high in August, especially after India announced a reduction in import duties from 15% to 6% in the joint budget on July 23, boosting import demand. Currently, banks such as UBS and Goldman Sachs have set a target price of $2700, with more domestic and foreign hedge funds expecting the breach of the $3000 mark to be only a matter of time. Gold and precious metal-related companies include Zijin Mining Group (02899), Shandong Gold Mining (01787), ZHAOJIN MINING (01818), LINGBAO GOLD (03330), CHINAGOLDINTL (02099), and Shandong Gold Group (03939).