HK Stock Market Move | Gold stocks are generally rising, ZHAOJIN MINING (01818) up nearly 6%. Goldman Sachs maintains a forecast that gold prices will break through $3,300 by the end of the year.

Gold shares are generally rising, as of the time of writing, ZHAOJIN MINING (01818) is up 5.85% at 14.48 Hong Kong dollars; Shandong Gold Mining (01787) is up 3.98% at 17.76 Hong Kong dollars; CHI SILVER GP (00815) is up 3.74% at 0.222 Hong Kong dollars; Zijin Mining Group (02899) is up 3.21% at 14.8 Hong Kong dollars. On the news front, on April 8, spot gold broke through the $3010.00 per ounce mark, as per the time of writing, it is at $3013.62 per ounce, up over 1% during the day; COMEX gold futures latest at $3026.2 per ounce, up 1.75% during the day. Goldman Sachs pointed out that the recent drop in gold prices has provided investors with a buying opportunity, and its upward momentum remains strong. Analysts at Goldman Sachs wrote in a report that they still maintain the forecast that gold prices will surpass $3300 per ounce by the end of the year, with a forecast range of $3250 to $3520, and the gold price risk is skewed to the upside compared to the forecast. Analysts said that the drop in gold prices is a short-term technical factor, such as investors pulling out gold positions due to stock market sell-offs and rotation into other assets. However, looking at the medium term, gold prices will receive strong support.