Changes in Hong Kong stocks | Gold stocks fall again, Kazakhstan plans to reduce gold holdings, institutions are still optimistic about the bottom rise in gold prices

The Zhitong Finance App learned that gold stocks fell once again. As of press release, Lingbao Gold (03330) fell 4.31% to HK$17.1; Shandong Gold (01787) fell 2.73% to HK$18.54; Chifeng Gold (06693) fell 2.22% to HK$34.32; Zijin Mining (02899) fell 2.13% to HK$32.2.

According to the news, the Central Bank of Kazakhstan plans to reduce its gold reserves and switch to US debt, reducing the share of gold reserves to 75% by the end of the year. The bank's deputy governor, Mordabekova, said that US bond yields have been at a level not seen for a long time, making the US dollar more attractive and weakening the attractiveness of gold investment. According to WGC data, in the first eight months of this year, the Central Bank of Kazakhstan was the fourth largest buyer of gold in the world.

It is worth noting that the central bank of China's gold reserves increased by 23 tons in September, and the rate of increase in holdings was further accelerated. CITIC Securities said that the core factor behind the fall in gold prices in September was tight liquidity against the backdrop of a sharp rise in US bond yields. Investment demand and central bank allocation requirements showed resilience beyond expectations. Gold prices may be at the bottom, and the gold sector is expected to take the lead.