Goldman Sachs and Citi remain bullish on gold, with spot gold and related concept stocks rising collectively.

October 9th, according to Bitget market data, Hong Kong stock gold and non-ferrous metals concept stocks rose collectively. Chifeng Gold (06693.HK), Zijin Gold International (02259.HK), Ganfeng Lithium (01772.HK), and Tianqi Lithium (09696.HK) rose more than 5%, while Zijin Mining (02899.HK) and Shandong Gold (01787.HK) rose more than 4%.

In addition, spot gold rose 0.98% in 24 hours, reporting $4,174 per ounce.

On the news front, data from the People's Bank of China showed that China's gold reserves at the end of September were 77.47 million ounces, an increase of 740,000 ounces month-on-month, marking the 23rd consecutive month of gold purchases. Meanwhile, Goldman Sachs and Citi maintained a bullish outlook on gold. Goldman Sachs believes that driven by strong demand from central banks seeking foreign exchange reserve diversification, gold prices will rise to $4,900 per ounce by the end of 2026. Citi set a 0-3 month target price for gold at $4,800 per ounce and a 6-12 month target price at $5,000 per ounce, both higher than the current spot price.