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Despite Hong Kong's robust legal and regulatory framework, its stock market still faces unique risks and challenges, such as currency fluctuations due to the Hong Kong dollar's peg to the US dollar and the impact of mainland China's policy changes and economic conditions on Hong Kong stocks.
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HK Non-Essential Consumer Goods Industry
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In recent years, the real estate and construction sector's share in the Hong Kong stock index has notably decreased. Nevertheless, as of 2022, it retains around 10% market share, covering real estate development, construction engineering, investment, and property management.
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Gold Reaches Record High Amid Fed Rate-Cut Expectations and Rising US-China Tensions
Summary:
Gold surged to a new record of over $4,200 per ounce, driven by market expectations of further Federal Reserve rate cuts and escalating US-China trade tensions...
Gold and silver prices soared to new heights on Wednesday, supported by a combination of factors, including the Federal Reserve's anticipated rate cuts and fresh tensions between the U.S. and China. Investors sought the safe-haven appeal of precious metals as economic uncertainty increased, with gold reaching a record high and silver gaining substantial ground.
Gold Hits a Record High
Gold prices rose by 1.8%, hitting a new record at $4,218.29 per ounce. The surge in gold prices is attributed to two primary factors: the Fed’s expected rate cuts, which reduce borrowing costs and benefit non-yielding assets like gold, and the heightened tensions between the U.S. and China. These geopolitical concerns have led investors to flock to gold as a secure investment amid rising uncertainties.
Silver also experienced a significant rally, advancing more than 3%. The metal’s market saw volatility, as prices spiked to an all-time high of $53.55 per ounce before dropping. The volatility was partly due to tight supply in the London market, causing a global hunt for the metal. The gap between New York futures and London prices widened, and the cost of borrowing silver surged, further underscoring supply concerns.
Fed Rate Cuts and Economic Uncertainty
Yields on U.S. Treasuries fell to their lowest levels in months after Fed Chair Jerome Powell signaled that the central bank is on track to deliver another rate cut. Lower yields, along with concerns about economic stability and debt sustainability, have driven investors to gold as a hedge. The Fed’s rate-cut trajectory, along with its ongoing quantitative easing measures, continues to boost the appeal of gold as a store of value.
Tensions between the U.S. and China flared again, with President Donald Trump threatening to impose an additional 100% tariff on Chinese goods. This renewed trade friction further intensified the demand for precious metals. As geopolitical risks rise, investors have increasingly turned to gold and silver to mitigate the potential impact of trade disruptions on global markets.
Central Bank Buying Drives Gold's Rally
One of the significant drivers of gold’s recent price surge has been the aggressive buying activity from central banks around the world. These institutions have been accumulating gold in large quantities, seeing it as a safe asset in times of financial instability. Saad Rahim, chief economist at Trafigura Group, noted that fears surrounding debt sustainability and the prospect of lower rates have driven many investors to view gold as a stable store of value.
The precious metals market is witnessing significant volatility, with gold and silver surging to new records amid expectations of Fed rate cuts and heightened geopolitical risks. As long as concerns over inflation, trade tensions, and fiscal imbalances persist, demand for gold as a safe-haven asset is likely to remain strong. Investors continue to watch the Fed’s actions closely, as they will play a pivotal role in shaping market dynamics going forward.
Source: Bloomberg
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