Stock Track | Zijin Gold International Plummets 5.09% Intraday as Fed Rate Hike Expectations Weigh on Gold Sector, Acquisition Timeline Extended

Stock Track06-02

Zijin Gold International's stock plummeted 5.09% during intraday trading on Tuesday, underperforming the broader market.

The gold sector faced broad-based selling pressure after US inflation data rose to a near three-year high, reinforcing market expectations of a Federal Reserve rate hike this year. Higher interest rates increase the opportunity cost of holding non-yielding gold, directly pressuring bullion prices and related equities.

Additionally, Zijin Gold recently extended the outside date for its proposed CA$5.5 billion acquisition of Allied Gold to July 29, as certain key regulatory approvals have not yet been obtained, creating further uncertainty for investors.

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