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Express News | Hong Kong-listed gold stocks performed strongly, with Zhufeng Gold rising nearly 6%.
The price of spot gold has returned to $5,000 per ounce.
Capital has returned to the precious metals market amid lower prices. This morning (on the 9th) during the Asian trading session, spot gold prices surged past $5,000 per ounce, currently up 1.21% to $5,023.16. April gold futures also rose by 1.18% to $5,037.7 per ounce. Looking ahead, traders will closely monitor upcoming U.S. economic data to gain a clearer understanding of the Federal Reserve's future policy direction. Meanwhile, silver prices have also increased, with spot silver climbing 2.77% to $79.99 per ounce and March silver futures gaining 3.38% to reach $79.49.
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CMB International forecasts that the U.S. will cut interest rates twice within the year and expects gold prices in the first quarter to fluctuate between $4,000 and $5,200 per ounce.
Ding Meng, Chief Economist of CITIC Bank (International), believes that the Federal Reserve will continue to lower interest rates to a neutral level. He pointed out that there is still room for rate cuts from the current range of 3.5% to 3.75% to reach the neutral rate. It is expected that there will be two more rate cuts this year. The dot plot indicates that Fed officials are becoming more cautious about the magnitude of rate cuts next year compared to this year. Ding Meng noted that since the beginning of the year, Hong Kong’s private residential market has gradually stabilized, and it is anticipated that property prices will rise moderately going forward. In December, the private residential price index increased by 0.2% month-on-month, with an accumulated rise of approximately 3.2% for the year, ending a three-year downward trend. The rental index rose by 0.1% month-on-month, with an accumulated increase of approximately 4.3% for the year.
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