The Zhitong Finance App learned that gold stocks generally rose in early trading. As of press release, China Gold International (02099) rose 4.19% to HK$33.6; Zhaojin Mining (01818) rose 3.88% to HK$13.4; Zijin Mining (02899) rose 2.84% to HK$15.92; and Shandong Gold (01787) rose 2.4% to HK$16.2.

According to the news, spot gold rose more than 1% overnight, once back above $2,590, and eventually closed up 1.07% to 2586.56 US dollars/ounce. COMEX's December gold futures rose 0.5% at the end of the session to $2611.5 per ounce. Previously, the Federal Reserve began this round of interest rate cuts with 50BP, which slightly exceeded expectations, but Federal Reserve Chairman Powell emphasized that data determines the principle of action. In terms of economic data, the number of jobless claims in the US recorded 0.219 million in the week ending September 14, a new low since the week of May 18, 2024.

Huatai Securities pointed out that the “50 bps interest rate cut” + “statement eagle” combination has a relatively limited impact on gold prices. In addition, the current price of gold is sufficient for the US interest rate cut, so when the interest rate cut does not clearly exceed market expectations, the bank expects the price of gold to continue to fluctuate at a high level in the short term. In the long-term outlook, the US economic trend after interest rate cuts and the US election will be important factors driving the further rise in gold prices. Based on the background of interest rate cuts under the US “broad fiscal” + “high inflation” structure, it is judged that gold prices may still have room to rise for a long time.