HK Stock Market Move | Most gold stocks rise, multiple factors help gold prices hit new highs again. Institutions say that precious metals are still in a long-term bull market.

Most gold stocks are rising. EVEREST GOLD (01815) is up 11.05% to 2.11 Hong Kong dollars; TONGGUAN GOLD (00340) is up 8.74% to 3.11 Hong Kong dollars; ZIJIN MINING (02899) is up 4% to 33.28 Hong Kong dollars; ZIJIN GOLD INTL (02259) is up 3.78% to 142.6 Hong Kong dollars; LINGBAO GOLD (03330) is up 1.28% to 19.82 Hong Kong dollars. On the news front, on October 15, spot gold once broke through $4190 per ounce, rising over 1% intraday, while New York gold futures broke through the $4200 per ounce mark, both hitting record highs. Some analysts believe that the current strength in gold prices is mainly supported by three factors: first, the ongoing escalation of trade tensions between China and the US; second, increasing geopolitical uncertainties in various regions globally; and third, the general market expectation that the Federal Reserve will begin a rate-cutting cycle. These factors have collectively reinforced the safe-haven allure of gold, driving continuous inflow of funds. China Citic Futures believes that precious metals are still in a long-term bull market and have strategic allocation value. On the early morning of October 15 Beijing time, Federal Reserve Chairman Powell suggested that the US labor market continues to deteriorate. Despite the government shutdown affecting economic assessment, the possibility of a rate cut this month remains. He also indicated that the Federal Reserve may pause its balance sheet reduction in the coming months. Some analysts believe that Powell's latest remarks "reinforce expectations for further rate cuts", keeping the Federal Reserve on track for further rate cuts.