Movement Alert｜Shandong Gold Falls 3.1% in Regular Trading, Gold Price Breaks Below $4000 as Fed Rate Hike Expectations Weigh on Sector

Market Focus06-30

On June 30, Shandong Gold fell 3.1% in regular trading, trading at HK$16.58/share, with turnover of HK$22.51 million.

On the news front, spot gold broke below the $4,000/oz level to hit a seven-month low, while the entire gold mining sector came under broad selling pressure. US May CPI rose to 4.2% year-over-year, breaching 4% for the first time in three years, prompting markets to price in three Fed rate hikes within the year. The strengthening US dollar continues to suppress valuations of non-yielding gold assets. Goldman Sachs has cut its year-end gold price target to $4,900/oz, while Deutsche Bank slashed its target by up to 32%.

Within the Gold sector, all major peers declined sharply. Zijin Mining fell 3.32%, Zijin Gold International fell 6.29%, Lingbao Gold fell 5.56%, Zhaojin Mining fell 5.99%, and China Gold International fell 3.82%.

(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.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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