HK Stock Market Move | Gold stocks rise again, US CPI data reignites expectations of interest rate cuts within the year, CITIC predicts that gold prices may surpass $3000 per ounce this year.

Gold stocks rose again, as of press time, CHINAGOLDINTL (02099) was up 3.1% at HK$44.9; ZHAOJIN MINING (01818) was up 2.64% at HK$12.44; Zijin Mining Group (02899) was up 1.75% at HK$15.1; Shandong Gold Mining (01787) was up 0.99% at HK$14.26. On the news front, the US core CPI in December fell short of expectations, leading to an increase in market expectations for a rate cut. Federal Reserve Governor Waller said in a media interview on Thursday that if future inflation data is consistent with the positive reports from December last year, the Fed may further cut interest rates this year, potentially earlier than investors currently expect, and not completely ruling out the possibility of a rate cut in March. A CICC research report pointed out that looking ahead to 2025, the price of gold may still be in a bull market trend, with a potential breakthrough of $3000 per ounce in 2025, and the price of gold in renminbi may see a larger increase compared to the price in US dollars. From 1Q24 to 3Q24, as cost increases slow down and the price of gold continues to rise, the pre-tax profit per ounce begins to stabilize and rise from $692 to $1019. Looking ahead to 4Q24 and 2025, CICC expects that the pre-tax profit per ounce of global gold companies may further increase.