HK Stock Market Move | Gold stocks are generally rebounding. Lingbao Gold (03330) rose by over 6%, while Zijin Mining Group (02899) rose by over 3%.

Gold stocks generally rebounded, with Lingbao Gold (03330) up 6.45% to HK$9.9, Zijin Mining Group (02899) up 3.21% to HK$20.9, Shandong Gold Mining (01787) up 2.14% to HK$26.2, and ZHAOJIN MINING (01818) up 0.97% to HK$20.75. In terms of news, China CITIC Futures pointed out that with the rise in the risk of Powell's dismissal, raising doubts about the independence of the Federal Reserve, the US briefly saw a sell-off in stocks, bonds, and the dollar. However, after Trump denied the dismissal rumors, market sentiment cooled. In addition, the overall economic data released in the US overnight showed signs of improvement, with retail data for June surpassing expectations and weekly initial jobless claims falling, leading to short-term strength in the US dollar and stocks and putting pressure on precious metals. The attention is on the new round of trade negotiations in the first half of August and the changes in interest rate expectations brought by the global central bank annual meeting in the second half of the month. Continuously monitor the trading disruptions caused by the shadow chairman of the Federal Reserve in the second half of the year, maintaining the long-term bullish trend in gold. Guotai Junan Futures believes that the background of the trade war persists, there is still a certain probability of a rate cut by the Federal Reserve this year, and with the ongoing global geopolitical uncertainties, intensified great power competition, and the wave of de-dollarization, as well as the continuation of global central bank gold purchases, the long-term upward trend of gold remains unchanged. A previous report by Goldman Sachs stated that from January to May this year, central banks and institutions around the world purchased an average of 77 tons of gold per month, and it is expected that the gold price will reach new highs in the coming quarters. They believe that by the end of 2025, the gold price will reach $3700 per ounce, and by mid-2026, it will rise to $4000 per ounce.