Gold stocks in Hong Kong were mostly higher. At the time of writing, SD GOLD (01787) rose 5.8% to HK$39.78; ZHAOJIN MINING (01818) gained 4.8% to HK$35.82; ZIJIN MINING (02899) was up 3.12% at HK$38.86; and CHIFENG GOLD (06693) increased 3.11% to HK$29.85. Recent geopolitical risks and expectations for interest rate cuts have been supporting the price of gold. US Treasury Secretary Scott Bessant once again pressured the Federal Reserve on Thursday, stating the central bank needs to do all it can to promote economic investment and that interest rates should be significantly reduced. Market attention is currently focused on the December 2025 non-farm payrolls report scheduled for release tonight. Morgan Stanley predicted in a report that the price of gold will climb to $4,800 per ounce in the fourth quarter of 2026, surpassing the record high set last year. The investment bank believes that falling interest rates, a leadership transition at the Fed, and sustained buying by central banks and funds will collectively drive gold prices even higher. It is worth noting that several listed gold mining companies have recently issued positive earnings forecasts. Lingbao Gold expects to achieve an annual net profit attributable for 2025 of between approximately RMB 1.503 billion and RMB 1.573 billion, representing a year-on-year increase of about 115% to 125%. ZIJIN MINING expects to report full-year net profit attributable to shareholders of RMB 51 billion to RMB 52 billion, a year-on-year increase of approximately 59% to 62%. CHIFENG GOLD, meanwhile, anticipates its full-year net profit to increase by about 70% to 81% compared to the previous year.
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