① The gold price's "second push higher" has sparked a renewed inflow of capital—what positive factors are driving the rebound? ② Several Hong Kong‑listed gold stocks have hit one-month highs—how do institutions view this?
Cailian Press, August 10 (Editor: Feng Yi) — Today, Hong Kong-listed gold stocks once again posted strong gains, ranking among the top performers in the market.
At the close, Zijin Gold International (02259.HK) rose more than 5%, while Chifeng Gold (06693.HK) and Zhaojin Mining (01818.HK) each gained over 4%, both hitting seven-month highs. Over the past 20 trading days, these stocks have collectively posted gains of more than 30% on average, significantly outpacing the Hang Seng Index over the same period.
On the news front, spot gold climbed to $4,350 per ounce, up 0.23% on the day.
Meanwhile, with U.S. nonfarm payrolls falling by 23,000 in July—far below market expectations—expectations of a rate cut have once again intensified, further boosting the recovery in prices for metals such as gold and copper.
Zhongtai Securities notes that in recent years, central banks worldwide have maintained robust gold‑buying activity, with China, Poland, and other nations continuing to accumulate gold, providing a long‑term floor for demand. Earlier hawkish comments from the Federal Reserve weighed on expectations of rate cuts, creating short‑term headwinds for gold; however, should U.S. economic growth and employment weaken in the second half of the year, there remains the possibility of a marginal easing of Fed policy.
Notably, gold prices underwent a prolonged correction in the early stages, with the decline at one point exceeding 26% from the year's peak. Following a rebound in sector sentiment, existing capital also joined the rally, driving a second wave of upward momentum.
Data show that, as prices rebound, capital is accelerating its allocation to domestic gold ETFs. Since July, mainstream products have collectively seen net inflows exceeding RMB 10 billion, with the Hua'an Gold ETF setting a record of net inflows for 18 consecutive trading days.
Zhejiang Securities Research also notes that, following the previous round of price adjustments, the gold market has largely shed its accumulated short‑term positions. With concentrated selling pressure now fully unwound, upward resistance for long‑positioners has been significantly eased, creating favorable conditions for a corrective rally to gain momentum.