International gold prices have been a bit “abrasive” recently. Since late June, the London spot gold price has been repeatedly tugged at around $4,000 per ounce. In stark contrast to this, A-share gold stocks have taken the lead in “agitation” since July, with some leading gold stocks rising by more than 30%, clearly outperforming gold prices during the same period. Industry insiders believe that the current medium- to long-term support logic for gold prices has not fundamentally changed. The central bank's purchase of gold may still push the gold price center gradually upward, and gold assets still have allocation value. However, in the short term, the market still faces multiple factors such as global liquidity, the Federal Reserve's policy expectations, geographical situation, and market capital flows, or is dominated by volatile trends.

International gold prices have been a bit “abrasive” recently. Since late June, the London spot gold price has been repeatedly tugged at around $4,000 per ounce. In stark contrast to this, A-share gold stocks have taken the lead in “agitation” since July, with some leading gold stocks rising by more than 30%, clearly outperforming gold prices during the same period. Industry insiders believe that the current medium- to long-term support logic for gold prices has not fundamentally changed. The central bank's purchase of gold may still push the gold price center gradually upward, and gold assets still have allocation value. However, in the short term, the market still faces multiple factors such as global liquidity, the Federal Reserve's policy expectations, geographical situation, and market capital flows, or is dominated by volatile trends.