Hong Kong Stock Concept Tracking | Trump's Unilateral Tariff Remarks and US CPI Weigh on the Dollar, Gold Prices Continue to Rise (with Concept Stocks)
The spot gold price has surpassed USD 3,360 per ounce, and COMEX gold futures have risen to USD 3,380.30 per ounce. Trump announced the establishment of unilateral tariff rates, increasing market uncertainty and putting pressure on the dollar. The European Central Bank report shows that gold's share in global central bank foreign exchange reserves has risen to 20%, surpassing the euro, making it the second-largest reserve asset. The People's Bank of China has increased its gold holdings for seven consecutive months, and gold prices are expected to continue rising in the future. Related Hong Kong stocks include Zijin Mining, SD GOLD, and others
According to Zhitong Finance APP, spot gold has just broken through the $3,360.00 per ounce mark, currently reported at $3,359.78 per ounce, up 0.14% for the day; COMEX gold futures main contract is currently reported at $3,380.30 per ounce, up 1.09% for the day.
AT Global Markets stated that U.S. President Donald Trump announced he would set unilateral tariff rates in the next week or two, bringing more uncertainty to the market and putting pressure on the dollar along with data showing core inflation rates have been below expectations for the fourth consecutive month.
"We seem to be getting incomplete details from the U.S. government, and this whole situation adds uncertainty," said Nick Twidale, the company's chief analyst based in Sydney. "It’s no surprise that forex traders are hitting the dollar."
On June 11 local time, the European Central Bank released its annual report titled "The International Status of the Euro." The report noted that in 2024, the dollar accounts for 46% of foreign exchange reserves worldwide, a slight decrease from the previous year.
The report stated that gold's share in foreign exchange reserves of various countries has significantly increased, reaching 20%, surpassing the euro to become the world's second-largest reserve asset. The report indicated that central banks are inclined to diversify their foreign exchange reserves and seek to avoid geopolitical risks.
Data recently released by the State Administration of Foreign Exchange of China shows that as of the end of May, China's foreign exchange reserves stood at $32,853 billion, an increase of $3.6 billion from the end of April, with a growth rate of 0.11%. Among them, gold reserves amounted to 73.83 million ounces, an increase of 60,000 ounces month-on-month, marking the central bank's continuous increase for seven months.
Li Chao, chief economist at Zheshang Securities, believes that gold still has further room for improvement in the future. In the medium to long term, attention should be paid to the positive driving effect of central banks' gold purchasing behavior on gold prices, with expectations of continued net inflows from central banks.
Hong Kong stocks related to gold and precious metals:
Zijin Mining (02899), SD-GOLD (01787), Zhaojin Mining (01818), Chifeng Jilong Gold Mining (06693), Lingbao Gold (03330), China Gold International (02099), WanGuo Gold Group (03939), Laopu Gold (06181), Tongguan Gold (00340), JiHai Resources (02489), etc
