HK Stock Market Move | Golden stocks continue their recent upward trend as the central bank has been increasing its gold holdings for the ninth consecutive month. The market may return to a rate-cutting cycle, signaling a reevaluation of pricing logic.

Gold stocks continue to rise in the near term. As of the time of writing, PERSISTENCE RES (02489) rose 4.96% to 1.48 Hong Kong dollars; TONGGUAN GOLD (00340) rose 4.1% to 2.03 Hong Kong dollars; Shandong Gold Mining (01787) rose 2.9% to 29.78 Hong Kong dollars; ZHAOJIN MINING (01818) rose 2.83% to 22.56 Hong Kong dollars; Zijin Mining Group (02899) rose 2.58% to 23.08 Hong Kong dollars. On the news front, on August 7th, data released by the People's Bank of China showed that as of the end of July, China's gold reserves reached 73.96 million ounces, an increase of 60,000 ounces from the end of June, marking the ninth consecutive month of gold accumulation. In addition, data released Thursday night showed that the number of initial jobless claims in the United States in early August exceeded market expectations, driving up gold prices as short-term safe-haven demand increased. It is worth noting that there are reports indicating that Federal Reserve Governor Warsh is considered one of the priority candidates for Federal Reserve Chairman by the Trump team, and Warsh's willingness to cut interest rates may be viewed favorably by Trump. China CITIC Futures believes that with the disappointing non-farm payrolls data and the reversal of the U.S. stock market, the short-term resilience of the U.S. economy may come to an end. The market is returning to pricing based on weak U.S. fundamentals and a restarting interest rate cut cycle. Sentiment in the gold market is expected to turn positive. Additionally, the bank warns that the accelerated pace of the Federal Reserve leadership change may lead to changes in next year's interest rate expectations and concerns about the Fed's independence, potentially amplifying price volatility. The long-term bullish trend in gold remains unchanged, with the continuation of the slowdown in U.S. fundamentals under the tariff path and the restarting of the interest rate cut cycle driving medium-term momentum. A tightening of U.S. dollar credit builds a foundation for a long-term bullish market.