Gold Prices Continue to Rise in Hong Kong Market
Hong Kong’s gold sector saw a significant increase in stock prices as international gold prices continued to rise for the fourth consecutive day. Lingbao Gold led the way with a 7% increase on Monday.
The surge in gold prices was attributed to the increase in international gold prices overnight and dovish news from the Federal Reserve. Lingbao Gold (03330.HK), Shandong Gold (01787.HK), China Gold International (02099.HK), and Zhaojin Mining (01818.HK) all saw gains of 7.14%, 3.78%, 3.46%, and 3.27% respectively.
The trend of rising gold prices began last Friday when the international gold price exceeded the US$2,000 mark, leading to increased market interest in investing in gold. COMEX December gold futures closed up 1.4% on Monday at $2,040, reaching a six-month high since mid-May.
Continuing the upward trend, COMEX December gold futures rose 0.37% to US$2,047.5 at the time of writing.
In addition to the positive news from the Federal Reserve, the global central banks’ gold buying spree has also contributed to the increase in gold prices. According to the World Gold Council, global central banks purchased a net 337 tons of gold in the third quarter of 2023, setting a new record since data collection began.
While the surge in gold prices is attracting market attention, financial experts warn investors to proceed with caution, as the stock market is inherently risky. They advise that the content, data, and tools in the news article do not constitute investment advice and should be used for reference only.
As gold prices continue to rise, investors are advised to exercise caution and carefully consider their investment decisions.
Disclaimer: The content, data, and tools in this article do not constitute investment advice and are for reference only and do not have any guiding role. The stock market is risky, so be cautious when investing!