On September 13th, driven by multiple positive stimuli, gold stocks and non-ferrous metal stocks in the Hong Kong and A-share markets once again experienced a collective surge.

By the midday break, Shandong Gold (01787.HK) saw a significant rise of 5.56%, Zhaojin Mining (01818.HK) increased by 4.96%, Zijin Mining (02899.HK) rose by 4.87%, and China Hongqiao (01378.HK), Lingbao Gold (03330.HK), and Aluminum Corporation of China (02600.HK) also saw varying degrees of gains, with increases of 3.07%, 2.78%, and 2.41% respectively.

On the A-share front, related concept stocks also surged higher.

Zijin Mining (601899.SH) rose by 4.51%, Shandong Gold (600547.SH) increased by 3.74%, Chifeng Gold (600988.SH) saw a rise of 4.56%, China National Gold (600489.SH) increased by 3.68%, and Western Gold (601069.SH) and others followed suit.

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In terms of market news, international gold prices hit a new historical high.

On September 13th, spot gold continued to rise, reaching a peak of $2,570.32 per ounce.

The strength in gold prices is attributed to market expectations that central banks around the world are entering a rate-cutting cycle, which is favorable for investment demand in gold.

Specifically, last night, the European Central Bank announced a rate cut, lowering the key deposit rate by 25 basis points, while the main refinancing and marginal lending rates were reduced by 60 basis points.

After the adjustment, the main refinancing rate stands at 3.65%, the marginal lending rate at 3.9%, and the deposit facility rate at 3.5%.

Following the ECB's policy statement, traders have reduced their interest rate expectations for the ECB, predicting an additional cut of 36 basis points before the end of 2024.

Additionally, the U.S. August PPI data and the number of initial jobless claims for the week ending September 7th have also been released, reinforcing the market's bets on a rate cut by the Federal Reserve at the upcoming meeting.

The data shows that the U.S. August PPI increased by 1.7% year-on-year, the lowest since February; it increased by 0.2% month-on-month, higher than the expected 0.1%; the core PPI increased by 2.4% year-on-year, in line with expectations and consistent with the previous value; it increased by 0.3% month-on-month, higher than the expected 0.2%.

According to data released by the U.S. Department of Labor, the number of initial jobless claims for the week ending September 7th rose moderately to 230,000, expected to be 227,000, with the previous value also at 227,000, marking the first increase in three weeks.

Furthermore, the number of continuing jobless claims for the week ending August 31st was 1.85 million, a slight increase of 5,000.

With the economic slowdown, expectations for a rate cut by the Federal Reserve have further intensified.

The market widely anticipates that the Federal Reserve will cut rates by 25 basis points at the next meeting, with a total expected reduction of 100 basis points by the end of 2024.

Ole Hansen, Head of Commodity Strategy at Saxo Bank, stated, "The ECB rate cut, a slight rise in initial jobless claims, and a series of factors such as PPI are enough to push gold prices to a historical high."

Ole Hansen added that for the gold market, the start of a rate-cutting cycle could increase support, regardless of the extent of the rate cut.

The market's expectations for the Federal Reserve to soon begin a rate-cutting cycle have strengthened, supporting the recent strength in gold prices.

Strong buying from central banks and robust demand in the over-the-counter market have also driven the rise in gold.

In addition, tensions in the Middle East and rising geopolitical risks could also push up gold prices in the short term.

Gold, as a safe-haven asset, has always been sought after during times of uncertainty.

There is some divergence in institutional views on the subsequent performance of gold, but the bullish sentiment is relatively strong.

Yongxing Securities stated that with the strengthening of expectations for a rate cut by the Federal Reserve, precious metals are expected to fluctuate at high levels in the short term.

The price of gold is expected to remain high, and the performance of subsequent gold prices and related benchmarks is optimistic.

Central China Securities also believes that influenced by factors such as the strengthening of expectations for a rate cut by the Federal Reserve, gold prices continue to set historical highs.

The current price of gold remains high, supporting the profits of gold enterprises.

Continue to pay attention to investment opportunities in the gold sector.

Donghai Futures also analyzed in its research report that, looking at the long-term trend, with the strengthening of expectations for a rate cut by the Federal Reserve and the uncertainty of the global economy, gold is still expected to remain strong in the coming months.