On July 21, Zhaojin Mining rose 3.62% in regular trading, trading at 19.09 HKD/share, with turnover of 32.80 million HKD. The gold sector broadly strengthened as central bank gold accumulation and institutional bullish calls provided support.
On the news front, China's gold reserves reached 75.44 million ounces at end of June, up 480,000 ounces month-over-month, marking the 20th consecutive month of increases by the PBOC. Goldman Sachs noted that despite hawkish Fed expectations, central bank buying is expected to provide floor support for gold prices. The bank estimated May central bank gold purchases at 81 tonnes, with the three-month average monthly purchase volume reaching 67 tonnes, far exceeding the pre-2022 historical average of 17 tonnes.
Within the Gold sector, peers also gained broadly: Chifeng Gold up 4.62%, China Gold International up 2.74%, Zijin Mining up 1.79%, Zijin Gold International up 1.74%, SD Gold up 1.52%.
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