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Investing.com-- Hong Kong–listed gold stocks rose sharply on Monday as U.S. economic growth fears following weak jobs data bolstered bets for a Federal Reserve rate cut and lifted bullion prices.
A disappointing July U.S. nonfarm payroll report showed gains of just 73,000 and material downward revisions to prior months, while the unemployment rate rose to 4.2%. This rekindled expectations for imminent Fed easing and caused a sharp drop in Treasury yields and the U.S. dollar.
Spot Gold surged more than 2% on Friday, reaching above $3,360 per ounce. Though the metal eased slightly on Monday due to profit-taking, its prior rally reinforced its safe-haven allure.
Gold producers listed in Hong Kong benefited from the rally. Lingbao Gold (HK:3330) shares jumped more than 7% as of 03:54 GMT.
Chifeng Jilong Gold Mining (HK:6693) shares surged over 9%, while Shandong Gold (SS:600547) Mining (HK:1787) stock surged nearly 10%.
Zijin Mining (HK:2899) shares rose more than 2%, while Tongguan Gold Group Ltd (HK:0340) gained 4.4%.
Hong Kong’s broader benchmark index Hang Seng was only trading 0.5% higher.