Movement Alert|SD GOLD Rises 3.07% in Regular Trading, Gold Sector Rallies as Spot Gold Holds Near $4300

Market Focus08-07

On August 7, SD GOLD rose 3.07% in regular trading, trading at HK$22.88/share, with turnover of HK$259 million.

The rally comes as gold stocks continue their upward momentum following spot gold's breach of the $4,300/oz level on August 6, the first time since June 18. The move was fueled by weaker-than-expected US ADP employment data and positive progress in US-Iran negotiations on reopening the Strait of Hormuz, which sent oil prices sharply lower and eased energy inflation concerns. Market participants expect the Fed's monetary policy stance to be more accommodative than previously anticipated, while rising US military expenditure pushing up fiscal deficits further supports the bullish case for gold.

Within the Gold sector, stocks broadly advanced. LINGBAO GOLD rose 6.73%, ZIJIN GOLD INTL rose 4.95%, CHINAGOLDINTL rose 3.79%, ZIJIN MINING rose 3.63%, and ZHAOJIN MINING rose 2.31%.

(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.)

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