HK Stock Market Move | continue to rise gold stocks, risk aversion sentiment helps push gold to new highs, gold prices may reach the $3000 mark

Gold stocks continue to rise. As of press time, LINGBAO GOLD (03330) rose 3.92% to 5.3 Hong Kong dollars; Shandong Gold Mining (01787) rose 2.45% to 16.74 Hong Kong dollars; CHINAGOLDINTL (02099) rose 2.04% to 49.95 Hong Kong dollars; Zijin Mining Group (02899) rose 1.86% to 16.44 Hong Kong dollars. On the news front, concerns over tariff policies combined with the continued purchase of gold by the central bank have led to gold prices hitting new historic highs. On February 11, spot gold rose above $2930 per ounce, setting a new historical high. The price of gold has risen by over 11% since the beginning of the year. Previously, US President Trump announced a 25% tariff on all steel and aluminum imported into the US. Trump also stated that he would announce large-scale new retaliatory tariffs on February 11 or 12, imposing tariffs equal to those imposed by other countries on US goods. Furthermore, on February 7, the China Banking and Insurance Regulatory Commission issued a notice on conducting a pilot project for insurance funds to invest in the gold industry. From now on, 10 pilot insurance companies can conduct a pilot investment in the gold industry for the purpose of medium- to long-term asset allocation. It is estimated that this move could bring nearly 200 billion yuan in funds to the gold market. Guotou Securities believes that with domestic and international gold prices hitting new highs, the uncertainty of Trump's policies, inflation risks under the backdrop of US tariffs and immigration policies, and concerns about US dollar currency credit, gold prices are expected to continue to rise. Citigroup previously pointed out that further escalation of tariffs will lead to a bullish outlook for gold in the next 6-12 months, with gold prices rising to $3000 per ounce.