According to the Zhitong Financial APP, golden industrial concept stocks rose collectively in early trading. As of the time of publication, Lingbao Gold (03330) rose by 4.56% to HKD 3.21; Zhaojin Mining (01818) rose by 4.4% to HKD 14.24; SD Gold (01787) rose by 3.76% to HKD 16.56; and Zijin Mining Group (02899) rose by 3.19% to HKD 17.46.

On the news front, June ADP employment in the US fell to 150,000, the smallest increase since January 2024. Initial jobless claims last week increased to 238,000, higher than the expected 235,000. The June ISM non-manufacturing PMI in the US recorded 48.8, much lower than expected and a new low since May 2020. The weak economic data boosted expectations for interest rate cuts, and overnight gold prices rose by more than 1%, reaching a new high in nearly two weeks.

China Post Securities recently pointed out that in the long run, the increase in the US deficit rate, geopolitical disturbances, and the nearshoreization of the US supply chain will lead to the unchanged logic of central bank gold purchases. The pace of interest rate cuts may accelerate as the US employment situation weakens, and the gold market is expected to open again in the second half of this year.