HK Stock Market Move | Gold stocks fluctuate and rise, as spot gold returns to the $4,400 mark during trading, with allocated funds supporting precious metals.

Some gold stocks have fluctuated upwards. As of the time of writing, CHINAGOLDINTL (02099) rose by 3.76%, trading at HKD 276; ZIJIN GOLD INTL (02259) increased by 3.5%, trading at HKD 165.6; Zijin Mining Group (02899) was up by 2.16%, at HKD 37.76; LINGBAO GOLD (03330) gained 1.86%, trading at HKD 24.04. On the news front, on the afternoon of September 9, spot gold continued to climb, returning to the USD 4,400 mark during the session, rising over 1%. This ended a prior three-day decline. Notably, the People's Bank of China increased its gold reserves by 650,000 ounces, about 20.2 tons, accelerating its purchases even as gold prices rose nearly 10% during the same period, marking the continuation of buying for 22 months. CITIC Futures stated that the increase in reserves by the central bank and the return of ETFs together expanded the sources of gold buying and enhanced demand resilience. Shenwan Futures believes that the tense geopolitical situation in the Middle East and the renewed rise in international oil prices have put some pressure on precious metal prices. The non-farm payroll data in August significantly exceeded market expectations, slightly raising the interest rate hike expectations for September, but the key to whether there will be a rate hike still hinges on the August CPI data to be released on September 11.