The Zhitong Finance App learned that gold stocks rose across the board. As of press release, China Gold International (02099) rose 8.54% to HK$197.1; Lingbao Gold (03330) rose 7.59% to HK$20.98; Chifeng Gold (06693) rose 5.58% to HK$34.84; Shandong Gold (01787) rose 5.43% to HK$20.98; Zijin Gold International (02259) rose 4.95% to HK$122.9.
According to the news, due to the slowdown in the situation between the US and Iran, international oil prices fell sharply on Tuesday, and interest rates on US bonds continued to decline. On August 4, US Treasury Secretary Bessent said that the US may reach an agreement with Iran on August 5 to open the Strait of Hormuz. Qatar said that all parties are trying to cool down the situation in the Middle East and have drafted and circulated drafts of the potential agreement, but stressed that the US-Iran agreement has not yet been reached. Furthermore, after a lapse of 30 years, the US and Japan joined forces to intervene in the yen exchange rate. The yen clearly strengthened against the US dollar, and the phased weakening of the US dollar index also supported the precious metals market.
CITIC Securities believes that the current retracement of gold prices is approaching the historical extreme value, and the area around 4,000 US dollars/ounce is likely to be at the bottom of this round. Looking ahead to the market, it is expected that the impact of the situation in the Strait of Hormuz on gold prices will shift from suppression to boost. The Federal Reserve's monetary policy may be more optimistic than market expectations. Combined with the sharp rise in US military spending, it is expected that the price of gold will return to an upward channel during the year.