Hong Kong Stocks Update | Gold Stocks Rebound Today; TONGGUAN GOLD (00340) Surges Over 4% as Fed Rate Cut Expectations Heat Up

Stock News11-24

Gold stocks showed signs of recovery today. At the time of writing, TONGGUAN GOLD (00340) rose 4.65% to HK$2.70, while LINGBAO GOLD (03330) gained 3.7% to HK$15.42. ZIJIN GOLD INTL (02259) climbed 3.39% to HK$137.30, and CHINAGOLDINTL (02099) advanced 2.44% to HK$138.40. SD GOLD (01787) increased 2.01% to HK$33.50.

The rebound follows remarks from several senior Federal Reserve officials on November 21. New York Fed President John Williams noted that monetary policy remains moderately restrictive, leaving room for potential rate cuts without jeopardizing inflation targets. According to the CME FedWatch Tool, traders have sharply raised expectations for a December rate cut to around 70% following Williams' comments.

Orient Securities believes that short-term fluctuations in spot gold prices will persist due to shifting expectations around the Fed's December rate cut. However, the firm remains bullish on gold's medium-term upside, driven by weakening confidence in the U.S. dollar.

SDIC Securities added that dovish comments from Fed officials have eased market concerns. The firm maintains that short-term market volatility does not alter the long-term rate-cutting cycle and continues to favor precious metals like gold and silver, expecting further price appreciation.

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