Understanding the Market | Gold stocks collectively rose, spot gold once broke through 3,120 USD, market focuses on the US March CPI data

Zhitong
2025.04.10 05:53
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Gold stocks rose collectively, with LINGBAO GOLD up 10.01%, ZHAOJIN MINING up 8.23%, and SD GOLD up 7.74%. Spot gold briefly broke through $3,120, currently reported at $3,114.63, up 1.02% for the day. The market is focused on the U.S. March CPI data, and Deutsche Bank has raised its gold price forecasts to $3,139 and $3,700, expecting gold prices to rise to $3,350 in the fourth quarter of this year

According to Zhitong Finance APP, gold stocks collectively rose. As of the time of publication, Lingbao Gold (03330) rose by 10.01% to HKD 8.13; ZHAOJIN MINING (01818) rose by 8.23% to HKD 16.3; SD GOLD (01787) rose by 7.74% to HKD 19.45; China Silver Group (00815) rose by 6.67% to HKD 0.24; Zijin Mining (02899) rose by 5.8% to HKD 15.7.

On the news front, the U.S. tariffs on China have been implemented, and domestic countermeasures have been announced, leading to a rise in gold prices and an increase in market risk aversion. On April 10, spot gold briefly broke through the USD 3,120.00 per ounce mark, currently reported at USD 3,114.63 per ounce, up 1.02% for the day; COMEX gold futures main contract is currently reported at USD 3,140.5 per ounce, up 1.98% for the day. Notably, the highly anticipated U.S. CPI data for March will be released tonight.

Deutsche Bank released a report stating that considering global economic and geopolitical developments, it has raised its gold price forecasts for this year and next to USD 3,139 per ounce and USD 3,700 per ounce, respectively. The previous forecasts were USD 2,725 and USD 2,900. Deutsche Bank noted that despite adjustments this week, the bullish case for gold remains strong, predicting that gold prices will further rise to USD 3,350 per ounce in the fourth quarter of this year. Since 2022, the demand for gold from central banks has increased from 10% of the gold market to 24%, compared to the demand for government bonds, which only accounts for 7% to 10% of net issuance

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