Understanding the Market | Gold stocks rose across the board today as gold prices surpassed $2,890, setting a new historical high. The central bank has increased its gold holdings for three consecutive months

Gold stocks rose broadly today, with ZHAOJIN MINING up 4.01%, LINGBAO GOLD up 2.92%, and ZIJIN MINING up 2.8%. The spot gold price has surpassed USD 2,890 per ounce, setting a new historical high, with an increase of over 10% this year. The People's Bank of China has increased its gold holdings for three consecutive months, which is expected to drive up gold prices. Galaxy Securities analysis suggests that the Federal Reserve's interest rate cuts, geopolitical conflicts, and U.S. debt issues will continue to impact the gold market. The Financial Regulatory Administration has allowed insurance funds to invest in gold, which is expected to bring an additional nearly 200 billion yuan in funds, further pushing up gold prices