The Zhitong Finance App learned that gold stocks rose again. As of press release, Chifeng Gold (06693) rose 5.7% to HK$39.66; Zijin Gold International (02259) rose 4.74% to HK$143.6; Lingbao Gold (03330) rose 3.74% to HK$24.98; Zijin Mining (02899) rose 3.46% to HK$37.66; Zhaojin Mining (01818) rose 3.26% to HK$24.7.
According to the news, the explosion in non-agricultural data was compounded by the central bank's continued gold purchases, and international gold prices rebounded strongly. Last week, it surged more than 7% to become the biggest weekly increase in the year. The total number of non-farm payrolls in the US fell by 23,000 month-on-month in July, and the cumulative employment data for the first two months was revised down by 103,000 people, and overall recruitment momentum slowed down. After the data was released, federal interest rate futures further lowered the expected price of interest rate hikes during the year. Furthermore, the Central Bank of China continued to accelerate gold purchases in July, increasing by 19.91 tons over the previous month, increasing its gold reserves for the 21st consecutive month.
UBS believes that gold has three medium- to long-term supports: falling real interest rates reignite investment demand, weakening US dollar promotes diversified allocations, and the central bank continues to buy funds at a high level. It is recommended that the fall in the price of gold to 4,000 US dollars be viewed as a strategic position opening opportunity. The chief strategist at BCA Research also said that there is room for a further increase in the price of gold, and it is not even ruled out that it will reach another record high.