Gold prices broke through directly in this wave, rebounding above $4,100 at one point. Weak employment data pushed down rate hike expectations again, with safe-haven and rate cut trades fueling gold together. $CHIFENG GOLD(06693.HK) and $ZIJIN GOLD INTL(02259.HK) both rose by double digits, as the operational leverage of mining companies was fully amplified when gold prices broke through.
$LAOPU GOLD(06181.HK) also rose six points, but it follows the consumption premium of jewelry brands, which is a different story from pure mining companies. Before gold prices stabilize above $4,000, this high elasticity of mining companies can continue.
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