Movement Alert|Lingbao Gold Rises 5.75% in Regular Trading, JPMorgan Maintains Long-Term Bullish Gold Outlook Combined with Oversold Rebound

Market Focus10:06

On July 8, Lingbao Gold rose 5.75% in regular trading, trading at 15.6 HKD/share, with turnover of approximately 104 million HKD.

On the news front, JPMorgan's latest research report maintained a long-term bullish outlook on gold, forecasting an average price of USD 4,300/oz in Q3 and USD 4,500/oz in Q4, projecting gold prices to rebound following a period of short-term range-bound trading. Additionally, the company's controlling shareholder Wang Guanran previously announced plans to acquire up to 16 million H shares in the open market over the next 12 months, signaling confidence in the company's future development. The previous trading day saw a technical pullback across the gold sector amid rising rate hike expectations, with Lingbao Gold falling over 5%, making today's move a classic oversold recovery. China's central bank also reported increasing gold reserves for the 20th consecutive month, adding 480,000 ounces in June to reach 75.44 million ounces.

Within the Gold sector, Chifeng Gold rose 3.43%, China Gold International rose 2.43%, SD Gold rose 1.1%, Zijin Gold International rose 0.47%, and Zijin Mining rose 0.07%.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment