According to the Wisdom Finance app, gold stocks strengthened in the afternoon. As of the time of publication, Zijin Mining (02899) rose by 3.74% to HKD 18.32; Zhaojin Mining (01818) rose by 3.34% to HKD 14.24; SD GOLD (01787) rose by 3.2% to HKD 18.06; and China Gold International (02099) rose by 1.78% to HKD 37.15.
On the news front, influenced by the comprehensive escalation of the situation in the Middle East, global risk aversion sentiment has increased, with spot gold briefly surpassing $2670. According to CCTV News on October 2, Iranian Islamic Revolutionary Guard Corps commander Salami stated that on the evening of October 1, Iran launched 200 missiles at Israel in response to the killings of Iranian figures by Israel, including Haniyeh, Hezbollah leader Nasrallah, and senior Revolutionary Guard officers.
Goldman Sachs raised its gold price forecast for early 2025 from $2700 per ounce to $2900 per ounce on Monday. The reason cited was the gradual increase in Exchange-Traded Fund (ETF) inflows as Western countries and China cut interest rates, along with an increase in central bank purchases. Goldman Sachs stated in its report: &#34;We reiterate our recommendation to go long on gold, as the gradual boost from global interest rate cuts, the structural increase in central bank demand, and the benefits of gold as a hedge against geopolitical, financial, and economic recession risks will gradually come into play.&#34;

01818

600547

01787

601899

02899

Gold stocks rose in the afternoon, with Zijin Mining up 3.74%, Zhaojin Mining up 3.34%, and SD GOLD up 3.2%. Influenced by the escalation of the situation in the Middle East, global risk aversion sentiment has increased, with spot gold briefly breaking through $2670. Goldman Sachs has raised its 2025 gold price forecast to $2900, citing rate cuts and increased central bank demand, and reiterated its recommendation to go long on gold

- Gold stocks surged in the afternoon, with Zijin Mining rising 3.74% to HKD 18.32, and Shandong Gold increasing 3.2% to HKD 18.06.  
- The rise is attributed to heightened global risk aversion due to escalating tensions in the Middle East, with spot gold reaching USD 2,670.  
- Goldman Sachs raised its gold price forecast for early 2025 from USD 2,700 to USD 2,900, citing increased ETF inflows and central bank purchases as key factors.

Zhitong

ZHAOJIN MINING

SD-GOLD

SD GOLD

Zijin Mining

ZIJIN MINING

Understanding the Market | Gold stocks strengthened in the afternoon as tensions in the Middle East sparked risk aversion. Goldman Sachs raised its early next year gold price forecast