Market Insight | Gold stocks collectively decline as expectations of a significant rate cut by the Federal Reserve cool down, while the rebound of the US dollar and US bonds puts pressure on gold prices
Gold stocks collectively fell. As of the time of publication, CHINAGOLDINTL fell by 8.39% to HKD 33.85; Zijin Mining fell by 6.39% to HKD 17.28; SD GOLD fell by 6.18% to HKD 17; LINGBAO GOLD fell by 3.91% to HKD 2.95. On the news front, the U.S. September non-farm payrolls far exceeded expectations, leading to a significant cooling of market expectations for a large rate cut by the Federal Reserve, triggering a stronger U.S. dollar and a rebound in U.S. bond yields. International gold prices came under pressure, with spot gold falling by 0.41% to USD 2642.74 per ounce; COMEX gold futures fell by 0.17% to USD 2680.2 per ounce. Institutions pointed out that in the short term, after the realization of positive factors, there is a strong willingness to close out previous long positions, and the market may experience a pullback. Caution is advised against the risk of a high-level retreat
According to the Wise Finance app, gold stocks collectively fell. As of the time of publication, China Gold International (02099) fell by 8.39% to HKD 33.85; Zijin Mining (02899) fell by 6.39% to HKD 17.28; Shandong Gold (01787) fell by 6.18% to HKD 17; Lingbao Gold (03330) fell by 3.91% to HKD 2.95.
On the news front, the U.S. September non-farm payrolls far exceeded expectations, causing market expectations for a significant rate cut by the Federal Reserve to cool down, leading to a stronger U.S. dollar and a rebound in U.S. bond yields. The international gold price trend is under pressure, with spot gold falling by 0.41% to $2642.74 per ounce; COMEX gold futures fell by 0.17% to $2680.2 per ounce. Institutions point out that in the short term, after the realization of positive news, there is a strong willingness to close out previous long positions, and the market may experience a pullback. Caution is needed to guard against the risk of a high-level retreat