Gold-related equities staged a recovery after earlier declines. At the time of writing, CHIFENG GOLD (06693) rose 7.12% to HK$39.74, while LINGBAO GOLD (03330) advanced 6.7% to HK$27.06. SD GOLD (01787) increased 4.8% to HK$32.76, and ZIJIN GOLD INTL (02259) gained 3.43% to HK$177.9.
The rally followed movements in the spot gold market. On March 30, spot gold opened lower and fell to $4,417.665 per ounce before reversing course to trade above $4,500 again.
Market sentiment was influenced by geopolitical developments. Reports indicated that the U.S. President stated Iran has agreed to "most parts" of a "15-point" ceasefire plan. Notably, military actions involving the U.S. and Israel against Iran have persisted for over a month. Previous reports noted that Yemen's Houthi forces have joined the conflict, launching two rounds of attacks against Israel. Additional sources suggested the Pentagon is preparing for a weeks-long ground operation against Iran.
Huafu Securities analysts highlighted that geopolitical tensions remain unresolved, keeping safe-haven and stagflation trades central to gold trading. In the short term, Middle East instability combined with fluctuating expectations for Federal Reserve rate cuts supports a market bias tilted towards gains. Over the medium to long term, amid global trade policy and geopolitical uncertainties, safe-haven and stagflation-driven demand are expected to continue underpinning gold's core trading appeal, sustaining its long-term investment value.
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