Understanding the Market | Gold Stocks Rise Sharply as Multiple Catalysts Boost Gold Prices Recently, Several Gold Mining Companies Report Strong Interim Results
Gold stocks collectively rose. As of the time of writing, CHINAGOLDINTL rose 4.97% to HKD 105.7; CHIFENG GOLD rose 4.38% to HKD 25.76; ZHAOJIN MINING rose 4.42% to HKD 24.1; LINGBAO GOLD rose 4.15% to HKD 12.8. On the news front, overnight gold prices surpassed USD 3,400 per ounce, reaching a five-week high. Federal Reserve Governor Waller emphasized support for a 25 basis point rate cut at the Fed's September meeting, with further cuts expected in the next 3 to 6 months. Additionally, the current market continues to assess the threats to the independence of the Federal Reserve. Notably, several gold mining companies have reported impressive mid-term results recently. ZIJIN MINING's net profit attributable to shareholders for the first half of the year was RMB 23.292 billion, an increase of 54.41% year-on-year; CHIFENG GOLD's net profit attributable to shareholders reached RMB 1.107 billion, a significant increase of 55.79% year-on-year. ZHAOJIN MINING's net profit attributable to shareholders for the first half of the year surged to RMB 1.440 billion, a year-on-year increase of 160.44%
According to Zhitong Finance APP, gold stocks collectively rose. As of the time of publication, China Gold International (02099) rose by 4.97%, trading at HKD 105.7; Chifeng Gold (06693) rose by 4.38%, trading at HKD 25.76; Zhaojin Mining (01818) rose by 4.42%, trading at HKD 24.1; Lingbao Gold (03330) rose by 4.15%, trading at HKD 12.8.
In terms of news, overnight gold prices surpassed USD 3,400 per ounce, reaching a five-week high. Federal Reserve Governor Waller emphasized support for a 25 basis point rate cut at the Fed's September meeting, with further cuts expected in the next 3 to 6 months. Additionally, the current market continues to assess the threats to the Fed's independence. Notably, several gold mining companies have reported impressive mid-term results recently. Zijin Mining's net profit attributable to shareholders for the first half of the year was CNY 23.292 billion, an increase of 54.41% year-on-year; Chifeng Gold's net profit attributable to shareholders reached CNY 1.107 billion, a significant increase of 55.79% year-on-year. Zhaojin Mining's net profit attributable to shareholders for the first half of the year surged by 160.44% to CNY 1.440 billion
