The Zhitong Finance App learned that gold stocks continued to rise. As of press release, Chifeng Gold (06693) rose 6.35% to HK$33.5; Zhaojin Mining (01818) rose 6.45% to HK$18.01; Shandong Gold (01787) rose 4.70% to HK$18.48; Lingbao Gold (03330) rose 4.18% to HK$17.46; Zijin Mining (02899) rose 4.02% to HK$30.56; China Gold International (02099) reported 3.01899 HK$4.4.
According to the news, on the morning of November 5, spot gold continued to rise. As of press release, it had risen above the 4,100 US dollars/ounce mark, rising more than 1.6% during the day. The strengthening of gold prices in this round was mainly driven by the results of the US midterm elections and the fall in US dollar yields and oil prices. The midterm elections are gradually becoming clear. The Democratic Party has taken over the Senate, and the House of Representatives has also been reversed by mainstream media predictions. The market expects that the Trump administration's subsequent taxation, fiscal expenditure, and promotion of some policies may be constrained by Congress, driving up the price of US bonds. Nominal and real yields will fall at the same time, and the US dollar index has also fluctuated and declined.
According to a report recently released by the World Gold Council, in the third quarter of this year, the gold reserves of central banks and other official institutions around the world increased net by 321 tons, a year-on-year increase of 42%, a record high in a single quarter since the fourth quarter of 2024. Diversification of reserves and risk management are still the core drivers of central banks' gold purchases. According to Commerzbank's latest research report, the recent weakening of gold has obvious characteristics of excessive decline. It remains optimistic about the long-term outlook for gold. The core logic is that the US fiscal situation continues to deteriorate, and the market is beginning to doubt whether the high interest rate environment can be maintained for a long time.