HK Stock Market Move | Golden stocks lead the way, both the US and Iran send ceasefire signals, and the decline in the US dollar and US bond rates eases the pressure on gold prices.
The leading gainers in gold stocks, as of the time of writing, are as follows: Tongguan Gold (00340) rose 6.92% to HK$3.09; Zijin Gold International (02259) rose 6.66% to HK$185.7; Zijin Mining (02899) rose 5.53% to HK$36.26; and Lingbao Gold (03330) rose 5.04% to HK$27.1.
Golden stocks led the way, as of the time of writing, TONGGUAN GOLD (00340) rose by 6.92% to 3.09 Hong Kong dollars; ZIJIN GOLD INTL (02259) rose by 6.66% to 185.7 Hong Kong dollars; Zijin Mining Group (02899) rose by 5.53% to 36.26 Hong Kong dollars; LINGBAO GOLD (03330) rose by 5.04% to 27.1 Hong Kong dollars.
On the news front, on March 31, with both the US and Iran indicating willingness to end the conflict, Brent crude oil prices plummeted in the closing hours, while gold prices surged significantly. Institutions stated that the end of the conflict is expected to lower oil prices and lead to a decrease in the US dollar and US bond yields, temporarily easing the pressure on gold. However, the short-term volatility of gold remains high, and further observation is needed for developments in the US-Iran conflict, oil prices, and the trend of the US dollar.
Goldman Sachs believes that the recent decline in gold is "clearly oversold," as the market overestimated inflation and underestimated downside growth; as prices stabilize, central bank gold purchases are expected to accelerate again, with a monthly purchase volume of about 60 tons; coupled with expectations of two more rate cuts this year, maintaining a target price for gold of $5400 per ounce by the end of 2026.
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