The rebound of the golden industrial concept continued, as of the time of publication,$CHI SILVER GP (00815.HK)$Brilliance Chi rose 4.68%.$SD GOLD (01787.HK)$Up 3.03%;$CHINAGOLDINTL (02099.HK)$Up 2.34%;$ZIJIN MINING (02899.HK)$Rise 0.69%.
On the news front, the gold price recently hit a new high, with the COMEX gold futures main December contract breaking through the $2600 per ounce mark, setting a new high since its listing. Goldman Sachs previously released research reports stating that they maintain a target price of $2700 per ounce in early 2025, believing that the inflow of asset management institutions preparing for a Fed rate cut will drive up precious metals. The continued strong demand from central banks around the world will also continue to provide support.
Industrial Securities pointed out that although there is significant uncertainty about the future economic trends in the United States, the hidden downside risks are relatively clear. Coupled with the impact of global geopolitical risks, the easing of interest rates this time is relatively certain to push the gold price center upwards. Currently, the valuation of golden industrial concept stocks is at the historical lower range, reflecting rather pessimistic market expectations. With the backdrop of continued rise in gold prices, the subsequent valuation is expected to recover. CITIC Securities also stated that looking ahead, they continue to be bullish on the value of gold allocation under the scenario of rate cuts.
Editor/ping