Changes in Hong Kong stocks | Gold stocks collectively rose, global central banks' gold purchases increased 42% year-on-year in the third quarter, and oil prices weakened to ease inflation expectations

The Zhitong Finance App learned that gold stocks rose collectively. As of press release, Chifeng Gold (06693) rose 5.10% to HK$28.02; Lingbao Gold (03330) rose 4.61% to HK$14.98; Shandong Gold (01787) rose 3.56% to HK$16.29; and World Gold Group (03939) rose 3.36% to HK$11.70.

According to the news, spot gold rebounded steadily after hitting an intraday low of 3,895 US dollars/ounce yesterday. The Asian market is trading around 3,960 US dollars today. On November 3, the World Gold Council released the “Global Gold Demand Trends” report for the third quarter. In the third quarter, the net gold reserves of central banks and other official institutions around the world increased by 321 tons, an increase of 42% over the previous year, a record high in a single quarter since the fourth quarter of 2024, and far higher than the five-year quarterly average. Since the beginning of the year, central banks around the world have purchased a total of 675 tons of gold, an increase of 6% over the previous year.

It is worth mentioning that in recent days, hopes for a breakthrough in the US-Iran peace talks have driven oil prices down, and Brent crude oil has dropped to about 103 US dollars/barrel. Changjiang Securities pointed out in the weekly industry report on November 1 that rising oil prices compounded the resilience of the US economy to maintain interest rate hikes, and the phased reduction in ETF positions intensified the adjustment of gold, but the logic of central bank purchases and hedging fiat currency credit has not changed. The bullish basis for gold is still stable, and $4,000 is an important hurdle that needs to be observed.