Hong Kong Stock Concept Tracking | International gold prices returned to $4,000, and gold ushered in a rebound under multiple favorable resonances (with concept stocks)

The Zhitong Finance App learned that recently, international gold prices returned to 4,000 US dollars, rising 118.25 US dollars in a single day, ending the previous sluggish trend. This rebound in gold is the result of multiple factors. First, it was confirmed that the bottom of the gold price was repaired, forming some support in the $3,900 to $4,000 area. Second, there are signs of a revaluation on the interest rate side. The US midterm elections are out, the Democratic Party is back in control of both houses, and stricter fiscal discipline is expected to drive an upward recovery in gold prices. At the same time, fundamental purchases of gold were solid. Central banks around the world continued to buy large amounts in the third quarter. Official purchases of “buy the more you fall” underpinned the price of gold.

Previously, the price of gold continued to fall. London gold fell below the $3,900 mark last Friday, hitting a new low since July, but then quickly recovered its losses and stabilized above $3,900 — the market generally believes that there may be some support in the $3,900 to $4,000 area.

As of 0:36 on November 5, the NYSE international spot gold was reported at 4058.651 US dollars/ounce, up 118.25 US dollars from the previous trading day, or 3.0%. The price of gold was once again at the 4,000 US dollar integer mark.

Developments on the interest rate side are also beneficial to gold prices. The results of the US midterm elections were released, and the Democratic Party overwhelmingly defeated its Republican Party to seize control of Congress. The market expects inflation to moderate in the future.

The Democratic Party regained control of both houses, or could marginally repair the increasingly unbalanced US fiscal discipline, which played a positive role in easing concerns about the fiscal deficit, thus forming a certain marginal benefit to US debt, and in the process of driving back US bond yields, it provided upward support for gold prices.

Meanwhile, US President Trump said that he has no plans to launch an attack on Iran immediately after winning the election. On the evening of November 4, international oil prices fell intraday. According to Wall Street news, Brent crude oil fell 2.0% within the day at 20:29 to 101.48 US dollars/barrel; WTI crude oil fell 3% to 93.21 US dollars/barrel during the day at 21.59.

In addition, the results of the US midterm elections may also have an impact on technology stocks. By increasing the possibility of actions at the state and federal levels to limit AI construction, this is the most direct channel for the midterm elections to influence AI transactions.

Take Texas, for example — data center developers are looking to build dozens of AI computing power parks in the state — Congressman James Tararico won the state's first Senate seat since 1994, and Gina Hinojosa was elected the first Democratic governor in over 30 years. These victories raised the possibility of tightening construction regulations, and Inojosa repeatedly called for the suspension of data center development during the election campaign. The importance of Texas is that it accounts for about a quarter of the total estimated data center construction.

The fall in oil prices and the possibility of a slowdown in AI infrastructure investment in the US may help ease the pressure on the Federal Reserve to deal with inflation and provide impetus for the upward trend in the gold market. At the same time, important sellers of gold — central banks around the world — are continuing to buy gold, which has become another important support for the price of gold.

The World Gold Council released the “Global Gold Demand Trends” report for the third quarter of 2026. According to the Association's statistics, total global demand for gold in the third quarter (including OTC transactions) was 1,369 tons, down 1% year on year; total gold demand in terms of transaction prices increased 22% year on year to 188 billion US dollars. Since the beginning of the year, the total global demand for gold was 3,881 tons, and the amount of demand rose to 566 billion US dollars, a record high.

In the third quarter, the gold reserves of central banks and other official institutions around the world increased net by 321 tons, a year-on-year increase of 42%, a record high in a single quarter since the fourth quarter of 2024, and far higher than the five-year quarterly average. Diversification of reserves and risk management are still the core driving forces of the central bank's purchase of funds. Since the beginning of 2026, central banks around the world have purchased a total of 675 tons of gold, an increase of 6% over the previous year.

Global physical gold ETFs reversed the outflow trend of the second quarter in the third quarter, with a total net inflow of 211 tons, with an inflow of 31 billion US dollars, a record high in a single quarter. It pushed the total number of global gold ETF holdings to 4256 tons, setting a new record high in history.

Domestic brokerage agencies believe that the previous fall below 4,000 US dollars was mainly disturbed by rising expectations of the Federal Reserve's interest rate hike in December, the squeeze on US debt liquidity, and adjustments to precious metal holdings. However, the central bank continued to buy gold and provide downward buffers with low physical purchases, and short-term adjustments did not change the medium- to long-term allocation logic.

Taken together, the price of gold fluctuates more around 4,000 US dollars. In the future, we need to pay attention to whether actual interest rates on US dollars, US bonds, the situation in the Middle East and capital flows resonate. If risk sentiment is further mitigated, the price of gold may still fluctuate repeatedly.

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China Gold International (02099): In the first half of 2026, the company's sales revenue was about US$914 million, an increase of 57.52% over the previous year. Mine operating profit was about US$620 million, up 123.83% year on year; profit attributable to company owners was about US$507 million, up 153.31% year on year; profit per share was 127.99 US cents.

Chifeng Gold (06693): In the first half of 2026, the company obtained operating income of RMB 7.018 billion, an increase of 33.11%; net profit attributable to shareholders of listed companies was RMB 1,732 billion, up 56.5% year on year; and basic earnings per share were RMB 0.92 billion.

Zijin Mining (02899): In the first half of 2026, the company achieved operating income of 194.178 billion yuan, an increase of 15.78% over the previous year; net profit attributable to shareholders of listed companies was 39.17 billion yuan, an increase of 68.17% over the previous year.

Zijin Gold International (02259): Zijin Gold International announced that in January-September 2026, revenue was US$5.809 billion, up 70% year on year; parent company owners should account for profit of US$2,015 billion, up 123% year on year.