According to the Wisdom Wealth App, the golden stocks collectively fell. As of press time, China Gold International (02099) dropped 2.59% to HKD 50.7; Zijin Mining Group (02899) fell 2.17% to HKD 16.26; Lingbao Gold (03330) dropped 1.99% to HKD 2.96; Shandong Gold (01787) fell 1.75% to HKD 15.68.

On the news side, on the morning of June 25th local time, Fed officials once again released hawkish signals. Fed Director Bowman believes that interest rates will not be cut in 2024 and will be postponed to 2025. If the progress of inflation falls, they are still willing to raise interest rates. In addition, overall strong US data released that day stimulated the rise of the US dollar index. Under the influence of this, precious metals prices were once again suppressed, with COMEX gold futures closing down 0.54% at USD 2,331.7 per ounce.

Galaxy Futures believes that looking ahead, the market's trading for the Federal Reserve's interest rate cuts has entered the second half. In the context of the opening of the interest rate cut cycle unchanged, the bank believes that precious metals still have room for growth before the interest rate cut expectations are finally met. In addition, factors such as the continued expected wave of central bank gold purchases, political risks brought by the US election, and constant geopolitical conflicts are all bullish on precious metals. Therefore, the bank determines that the bull market for precious metals has not changed.