Understanding the Market | International gold prices fluctuate at high levels, CHIFENG GOLD down over 7%, CHINAGOLDINTL down over 6%
Gold stocks continued to decline in the afternoon. As of the time of writing, CHIFENG GOLD fell 7.64% to HKD 32.88; CHINAGOLDINTL dropped 6.6% to HKD 134.5; ZIJIN MINING decreased 5.67% to HKD 32.3; SD GOLD fell 4.01% to HKD 40.2. On the news front, international gold prices sharply dropped in the afternoon, with spot gold briefly falling below USD 4,120 per ounce, but has since rebounded after previously breaking above the USD 4,170 mark. CITIC Futures pointed out that trade friction and easing expectations resonated to push up gold prices, with the Federal Reserve's interest rate cut expectations, the dollar's retreat, and the U.S. fiscal deadlock collectively providing support. The government shutdown has weakened the availability of economic data, leading the market to continue chasing gains in a "no data is bullish" sentiment. If short-term technical overbought conditions lead to adjustments, USD 4,000 will be the primary support level, and rising price volatility may trigger a phase of profit-taking
According to Zhitong Finance APP, gold stocks continued to decline in the afternoon. As of the time of writing, CHIFENG GOLD (06693) fell 7.64% to HKD 32.88; CHINAGOLDINTL (02099) fell 6.6% to HKD 134.5; ZIJIN MINING (02899) fell 5.67% to HKD 32.3; SD GOLD (01787) fell 4.01% to HKD 40.2.
On the news front, international gold prices experienced a sharp decline in the afternoon, with spot gold briefly falling below USD 4,120 per ounce, but has since rebounded after previously breaking above the USD 4,170 mark. CITIC Futures pointed out that trade friction and easing expectations have resonated to push up gold prices. The Federal Reserve's interest rate cut expectations, the dollar's retreat, and the U.S. fiscal deadlock collectively provide support. The government shutdown has weakened the availability of economic data, leading the market to continue chasing gains in a "no data means bullish" sentiment. If short-term technical overbought conditions lead to adjustments, USD 4,000 will be the primary support level, and increased price volatility may trigger a phase of profit-taking
