Changes in Hong Kong stocks | Gold stocks are recovering today Goldman Sachs says central bank buying is still strong and is expected to provide bottom support for gold

The Zhitong Finance App learned that gold stocks picked up today. As of press release, Zhaojin Mining (01818) rose 4.85% to HK$18.37; Jihai Gold (02489) rose 4.41% to HK$0.71; Chifeng Gold (06693) rose 2.9% to HK$26.24; and Shandong Gold (01787) rose 2.51% to HK$17.58.

According to the news, China's gold reserves were reported at 75.44 million ounces (about 2346.446 tons) at the end of June, an increase of 480,000 ounces (about 14.93 tons) over the previous month. This is the 20th month in a row that the central bank has increased its gold holdings. Goldman Sachs said that despite the pressure of the Federal Reserve's tightening expectations, central bank purchases are expected to provide bottom support for gold. Demand is still strong. According to the bank's estimates, the central bank purchased 81 metric tons of gold in May, and the three-month average monthly gold purchase volume was 67 metric tons, far higher than the average of 17 metric tons before 2022.

Zhongtai Securities released a research report saying that with regard to gold investment, on the one hand, we have always emphasized the investment value on the commodity side; on the other hand, after experiencing a deep correction in the first half of the year, the current valuation level of mineral gold companies has fallen sharply to a low level compared to the beginning of the year, with high odds. In addition to the market where valuations have been repaired in the future, it is expected that they will further enjoy the price flexibility brought about by the rise in gold prices. At the same time, the process of rising gold prices itself continues to increase the winning rate of gold stock investment.