Since the beginning of this year, the price of gold has surged by nearly 30%, setting a series of record highs during this period.
The recent increase has been driven by expectations of a rate cut by the Federal Reserve. Last month, the Fed initiated a rate cut cycle with a 50 basis point reduction.
In early Asian trading, gold prices edged higher in a possible technical recovery.
Spot gold briefly rose above $2670.
Analysts at ANZ Bank wrote in a report that gold prices have recently declined as safe-haven demand for precious metals has waned.
The analysts pointed out that while geopolitical risks typically trigger buying in gold, if these risks subside, the situation could quickly reverse.
They added that investors are now focusing on the US jobs report scheduled for release on Friday.
Analysts stated, &#34;Any signs of weakness could increase expectations for the Fed to continue significant rate cuts.&#34;
Goldman Sachs raised its gold price forecast for early 2025 from $2700 per ounce to $2900, citing increasing ETF flows as Western and Chinese central banks cut rates, and as central bank purchases increase.
Goldman Sachs stated in the report, &#34;We reiterate our recommendation to be long gold, as the gradual benefits of global rate cuts, structurally higher central bank demand, and gold's hedge against geopolitical, financial, and economic recession risks will gradually provide support.&#34;
Related companies in the gold and precious metals sector:
Zijin Mining (02899), SD GOLD (01787), Zhaojin Mining (01818), Lingbao Gold (03330), China Gold International (02099), and Shandong Gold Mining (03939), among others

601899

02899

600547

01787

Analysts pointed out that the price of gold has risen by nearly 30% this year, hitting multiple historical highs, driven by expectations of a Fed rate cut. Goldman Sachs has raised its 2025 gold price forecast from $2700 to $2900 due to rate cuts and increased central bank purchases. Investors are focusing on the upcoming US employment report, as any signs of weakness may increase rate cut expectations. Related companies include Zijin Mining, SD-GOLD, and others

- Since the beginning of this year, gold prices have surged nearly 30%, reaching record highs, driven by expectations of interest rate cuts from the Federal Reserve.  
- Analysts note that while geopolitical risks typically boost gold demand, a decrease in these risks could lead to a rapid reversal in prices, with investors now focusing on the upcoming U.S. employment report.  
- Goldman Sachs has raised its gold price forecast for early 2025 from $2,700 to $2,900 per ounce, citing increased ETF inflows and central bank purchases as key factors.

Zhitong

Zijin Mining

ZIJIN MINING

SD-GOLD

SD GOLD

Goldman Sachs

Hong Kong Stock Concept Tracking | Gold price repeatedly hits historical highs. The gold and precious metals sector may welcome liquidity and valuation improvements (with concept stocks attached)