HK Stock Market Move | Most gold stocks rebound, Powell's remarks ease and boost gold prices, Goldman Sachs declares that the gold bull market is not over yet.

Most gold stocks rebounded, as of press time, CHINAGOLDINTL (02099) rose 12.82%, reaching 138.2 Hong Kong dollars; LINGBAO GOLD (03330) rose 9.93%, reaching 13.91 Hong Kong dollars; Chifeng Jilong Gold Mining (06693) rose 9.31%, reaching 25.12 Hong Kong dollars; ZIJIN GOLD INTL (02259) rose 8.59%, reaching 96.1 Hong Kong dollars; ZHAOJIN MINING (01818) rose 6.96%, reaching 17.53 Hong Kong dollars. On the news front, Powell's speech at the central bank meeting was slightly dovish, leading to a rebound in precious metal prices, with spot gold briefly recovering above $4100 on Wednesday. On July 1, the new Fed chairman, Powell, spoke at the ECB Global Central Banking Forum, stating that inflation risks have decreased and inflation expectations have fallen in the past four weeks, marking the first time Powell has attended an important overseas central bank meeting as chairman since taking office in May. In addition, the latest US June S&P Global Manufacturing PMI, as well as the June ISM Manufacturing PMI, both weakened, with sub-indices such as the June ISM New Orders Index and Manufacturing Prices Paid Index falling below previous levels. Furthermore, Goldman Sachs still maintains its year-end target price of $4900 per ounce. Samantha Dart, co-head of commodities research at Goldman Sachs, explicitly stated in a report released last Sunday evening that "the upward trend in gold has not ended." The drive comes from the ongoing diversification of reserves by emerging market central banks and long-term concerns in the market about the fiscal sustainability of the West.