Movement Alert|Chifeng Gold Falls 3.05% in Regular Trading, Fed Hawkish Signals Continue to Pressure Gold Sector

Market Focus06-22

On June 22, Chifeng Gold fell 3.05% in regular trading, trading at 26.06 HKD/share, with turnover of 30.48 million HKD.

On the news front, new Fed Chair Wosh's first policy meeting delivered a distinctly hawkish signal. The latest dot plot showed 9 officials believe at least one rate hike is needed this year, pushing the December rate hike probability from 61% to 83%. The USD index broke above the 100 level, while spot gold slumped 1.7% in a single session and fell below 4,200 USD/oz after three consecutive days of losses.

The gold sector faced broad selling pressure. Within the Gold sector, Lingbao Gold fell 7.03%, SD Gold fell 5.03%, Zhaojin Mining fell 4.45%, Zijin Mining fell 3.55%, and Zijin Gold International fell 2.92%. Analysts noted that while hawkish expectations weigh on gold in the near term through rising real rates, global central bank purchasing remains a structural support, with 89% of surveyed central banks expecting to continue adding gold reserves over the next 12 months.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

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