HK Stock Market Move | Golden stocks continued to rise, with Federal Reserve officials consistently releasing expectations of interest rate cuts. The price of gold futures and spot prices have reached a new high.

Gold stocks continued their recent upward trend. As of press time, Zijin Mining Group (02899) rose 4.25% to HK$16.68; CHINAGOLDINTL (02099) rose 4.01% to HK$35.05; Shandong Gold Mining (01787) rose 1.82% to HK$16.8; LINGBAO GOLD (03330) rose 1.58% to HK$3.22. On the news front, the preliminary September Markit Manufacturing Purchasing Managers' Index (PMI) in the United States fell to 47, hitting a new low since June last year, continuing to be in contraction territory. In addition, several Federal Reserve officials in their speeches on Monday signaled support for further rate cuts, leading investors to be optimistic about the prospects of Fed rate cuts. The prices of gold futures and spot gold both hit new highs. Spot gold climbed above $2630 per ounce; COMEX gold futures rose to a new high of $2659.8 per ounce on the 23rd. Macquarie pointed out that the expected strength in gold prices will continue, as weakening economic data will further fuel expectations for rate cuts. Although there is a short-term divergence between gold prices and gold mining stocks, the long-term correlation remains high, making current gold mining stock prices relatively weak and a good buying opportunity. Based on the potential for gold prices to continue to strengthen, the target price for gold mining stocks listed in Hong Kong has been raised, with ZHAOJIN MINING being the top choice due to strong production growth prospects, with the target price raised from HK$21 to HK$21.3.