Market Insight | International gold price briefly under pressure, gold stocks collectively decline, Lingbao Gold falls nearly 5%

Gold stocks collectively fell. As of the time of publication, Lingbao Gold fell by 4.85% to HKD 2.94, Zijin Mining fell by 3.59% to HKD 17.74, SD-GOLD fell by 3.31% to HKD 17.54, and CHINAGOLDINTL fell by 2.95% to HKD 36.15. On the news front, in September, the number of jobs in the private sector in the United States increased by 143,000, higher than the expected 120,000. This caused market expectations for a significant interest rate cut by the Federal Reserve to cool down, leading to a stronger US dollar and a rebound in US bond yields. As a result, international gold prices came under pressure and fell on Wednesday, with COMEX gold futures closing down by 0.17% at $2680.2 per ounce. However, 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) flows as Western countries and China cut interest rates, along with an increase in central bank purchases