Hong Kong stock concept tracking | Overnight gold futures hit historical highs again. The People's Bank of China has increased gold reserves for 9 consecutive months (with concept stocks).

Overnight COMEX gold futures for the current month rose $20.30, or 0.59%, to $3453.7 per ounce. The People's Bank of China increased its gold reserves in July, expanding them for the ninth consecutive month, helping to diversify its foreign exchange reserves away from the US dollar. According to data released on Thursday, the central bank's gold reserves increased by 60,000 ounces to 73.96 million ounces at the end of July. Cumulative purchases have reached about 36 tons since November last year. The size of gold held in warehouses related to the Shanghai Futures Exchange has risen to a record high, highlighting China's resilient demand for gold investment once again. Over 36 tons of gold bars have been registered for delivery in futures contracts, almost doubling in size over the past month. The increase in inventory reflects a surge in arbitrage activities, with futures trading at a significant premium to physical gold driving arbitrage activities and stimulating futures demand. Traders and banks have been taking advantage of this price difference by buying lower-priced gold in the spot market and delivering it to exchange warehouses. Subsequently, this gold can be used to offset the sale of futures, allowing them to close their positions at a profit. "This demonstrates how strong the current gold trading demand is in China," said John Reade, senior market strategist at the World Gold Council. "Too many people are entering the futures market, causing prices to rise above the level of physical gold. This creates an opportunity for others to get involved and introduce gold into the system." Citigroup has adjusted its bearish gold forecasts, stating that due to the deterioration of the US economy and the impact of tariffs driving inflation, gold is expected to rise to record highs in the short term. Citigroup analysts, including Max Layton, stated in a report on Monday that over the next three months, gold prices are expected to fluctuate between $3300 and $3600 per ounce, partly due to US import tariffs averaging higher than the previously expected 15%. CICC released a research report stating that the July US non-farm payrolls fell short of expectations, indicating a weakening US economy. As of August 3, the CME September rate cut probability rose to 80.3%. A new round of rate cuts trading is expected to open, with the actual interest rate level possibly falling. Domestically, the recently released "Implementation Plan for High-Quality Development of the Gold Industry" (2025-2027) clarifies the key direction for the development of domestic gold resources, including key resource exploration, development areas, and key development mines, promoting domestic resource increase and production. On the target side, it is recommended to focus on gold-listed companies with resource integration, resource increase and production, and merger expectations. Related Hong Kong stocks related to gold and precious metals: Zijin Mining Group(02899), Shandong Gold Mining(01787), ZHAOJIN MINING(01818), Chifeng Jilong Gold Mining(06693), LINGBAO GOLD(03330), CHINAGOLDINTL(02099), WANGUO GOLD GP(03939), LAOPU GOLD(06181), TONGGUAN GOLD(00340), PERSISTENCE RES(02489), etc.