HK Stock Market Move | Gold stocks collectively rebounded, reigniting expectations of interest rate cuts in the year. Spot gold prices surpassed the $2700 mark.

In the early morning session, gold stocks collectively rebounded. As of the time of writing, Zijin Mining Group (02899) rose by 3.59% to HK$15; LINGBAO GOLD (03330) rose by 3.34% to HK$4.02; Shandong Gold Mining (01787) rose by 2.58% to HK$14.34; ZHAOJIN MINING (01818) rose by 2.01% to HK$12.16. On the news front, last night, the overall CPI in the United States rebounded mildly to 2.9% year-on-year, while the core CPI unexpectedly fell from last month's 3.3% to 3.2%. After the data was released, traders increased their bets on a rate cut by the Federal Reserve in June, raising the possibility of two rate cuts this year. As a result, precious metals performed strongly, with spot gold surpassing the $2700 per ounce mark for the first time in over a month. A recent research report by CICC pointed out that the future core of gold may be in the range of $3000-5000 per ounce over the next 10 years. It is worth noting that Zijin Mining Group announced that the U.S. Department of Homeland Security added 37 Chinese companies to the so-called "Uighur Forced Labor Prevention Act (UFLPA)" entity list on January 14. Among them, the companies and Xinjiang Zijin Color Metal Co., Ltd., Xinjiang Habahe Ashile Copper Co., Ltd., Xinjiang Jinbao Mining Co., Ltd., and Xinjiang Zijin Zinc Co., Ltd. were listed for purchasing raw materials from Xinjiang or employing minority ethnic employees. The announcement stated that the UFLPA entity list only involves the entities listed themselves, excluding their controlled or affiliated companies, and only restricts the export of products produced by entities on the list to the United States, without causing any impact on the company or its related businesses, nor prohibiting any entity from trading the company's stock.