July 30 — Hong Kong-listed gold stocks rose broadly this morning; as of the time of writing,$CHIFENG GOLD (06693.HK)$、$EVEREST GOLD (01815.HK)$up over 5%,$ZIJIN GOLD INTL (02259.HK)$、$CHINAGOLDINTL (02099.HK)$rose more than 4%,$LINGBAO GOLD (03330.HK)$up nearly 4%.
On the news front, spot gold staged a strong reversal on Wednesday, surging immediately after the Federal Reserve announced it would hold rates steady, reclaiming the USD 4,100 level. The Fed maintained its target range for the federal funds rate at 3.5% to 3.75%. However, three regional Fed presidents dissented, advocating for a 25-basis-point rate hike, signaling growing internal support for tighter policy. Notably, markets were rattled by renewed hostilities involving Iran, pushing Brent crude up as much as 8% back above USD 90 per barrel, while the yield on the 30-year U.S. Treasury note soared to its highest level since June 2007.
Everbright Futures noted that following the conclusion of the Fed's policy decision, gold prices initially dipped before rebounding, indicating that market focus remains firmly on Fed policy. With the probability of a September rate hike rising, any interim rallies should be approached with caution. For gold, the overall strategy should remain defensive amid recurring geopolitical tensions and macroeconomic uncertainty, favoring light positions and close observation in an unclear market environment.
Editor/melody