CSOP Gold Daily 2x Leveraged Product (07299) Slips Nearly 3% as Global Oil Prices Touch Five-Month High and Supply Fears Lift Inflation Expectations

CSOP Gold Daily 2x Leveraged Product (07299) dropped nearly 3%, down 1.72% as of press time to HK$20.58, with turnover of HK$39.5387 million.

On the news front, according to market media reports, Yemen's Houthi armed group recently claimed to have launched multiple rounds of attacks on Saudi energy facilities, airports, and military targets, including Saudi Aramco facilities in Yanbu, the Shaybah oil field, Riyadh's King Khalid International Airport, and Abha Airport.

Affected by this news, international oil prices continued to climb throughout the week, with Brent crude oil futures briefly breaking above US$110 per barrel, touching a five-month high.

Everbright Securities Futures believes that the market has seen a rare divergence of "oil prices rising while both gold and the US dollar falling," precisely because the crude oil supply panic triggered by the Middle East crisis has pushed up inflation expectations.

Nanhua Futures stated that the market has already priced in more than three additional rate hikes by the Federal Reserve through the end of next year. Although the room for further upward revision of rate hike expectations is limited, gold prices remain under pressure in the short term.