Hong Kong Stock Movement | Gold Stocks Show Significant Rebound Chifeng Gold (06693) Rises Over 9% Lingbao Gold (03330) Rises Over 6%

CITIC Finance APP reports that after suffering a heavy decline yesterday, gold stocks rebounded significantly this morning. As of the latest update, Chifeng Gold (06693) rose 9.2% to HKD 34.42; Lingbao Gold (03330) increased 6.51% to HKD 22.9; Zijin Mining (02899) gained 5.66% to HKD 34.36; Zhaojin Mining (01818) rose 5.35% to HKD 28.38; Zijin Gold International (02259) increased 4.53% to HKD 177.6.

On the news front, according to China News Service citing Israel’s Ynet News website on the 23rd local time, an Israeli official stated that the U.S. has set April 9th as the target date to end the Iran conflict. The official said that talks between Iran and the U.S. are expected to take place later this week in Pakistan. The report also mentioned that U.S. President Trump said the U.S. has held two days of talks with Iran on ending the conflict and has revoked the previous 48-hour ultimatum demanding attacks on power plants. Iran, on the other hand, denied engaging in any negotiations.

Regarding the Federal Reserve, Chicago Fed President Goolsbee stated that inflation is currently the main risk facing the U.S. economy. While a rate hike is not ruled out, if the Iran conflict is quickly resolved, a rate cut may still occur later this year. Fed Governor Stephen M. Miller said that there is currently no need to consider a rate hike, and the policy outlook remains for rate cuts, with four cuts expected by 2026. Galaxy Securities believes that under the current environment of high oil prices and high interest rates, short-term volatility in gold is inevitable. However, from a medium- to long-term perspective, central bank gold purchases, reserve diversification, and geopolitical uncertainties continue to support gold.