On July 14, CITIC Securities pointed out that the number of non-agricultural employment in the United States in June was lower than expected, the overall cooling trend of the job market continued, the increase in CPI was lower than expected, and the upward pressure on prices gradually eased.
While market expectations for another rate hike in July remain stable, expectations for subsequent rate hikes have weakened. Superimposed on the continuation of the central bank’s gold purchase trend, we believe that gold prices are expected to resume their upward trend and break through previous new highs.
In the first half of the year, the price of gold rose significantly year-on-year, and the performance of the sector was highly certain.