HK Stock Market Move | Golden stocks open high across the board, probability of short-term rate hike by the Federal Reserve cools down, gold market welcomes opportunity for rebound

Gold stocks opened higher across the board. As of press time, ZHAOJIN MINING (01818) rose by 7.53% to HK$18.7; LINGBAO GOLD (03330) rose by 6.85% to HK$14.5; ZIJIN GOLD INTL (02259) rose by 6.04% to HK$100; Shandong Gold Mining (01787) rose by 4.97% to HK$18.6. On the news front, data released by the US Bureau of Labor Statistics on the evening of July 2nd showed an increase of 57,000 in non-farm payrolls for June. The job market was weaker than expected, and traders fully digested the expectations of a December rate hike by the Federal Reserve, which was previously expected in October. In addition, Voshin stated at the European Central Bank forum on Wednesday that inflation risks have decreased, which has also lowered speculation about a rate hike later this year. Zhongjin Fortune Futures stated that the current situation facing the Federal Reserve is that employment is not overheating and inflation expectations are moderate, meaning that the probability of a rate hike this summer has suddenly decreased, providing a rebound opportunity for the gold market. The joint head of global commodities research at Goldman Sachs stated that the past 4 months of decline in international gold prices does not mean that the upward trend for the year is over, as global central bank demand will continue to drive precious metal prices back up to around $5000 per ounce.