Movement Alert｜Shandong Gold Mining Falls 3.04% at Open, Gold Sector Under Broad Pressure as Spot Gold Stays Below $4000 Amid Fed Rate Hike Expectations

Market Focus06-30

On June 30, Shandong Gold Mining fell 3.04% at open, trading at HK$16.90 with turnover of HK$523,900. The decline came as spot gold remained below the key $4,000/oz psychological level, marking a seven-month low, while the entire gold sector faced broad selling pressure.

On the macro front, US May CPI rose to 4.2% year-on-year, with markets now pricing in three Fed rate hikes within the year. The strengthening US dollar continued to suppress valuations of non-yielding gold assets. Goldman Sachs cut its year-end gold price target to $4,900/oz, while Deutsche Bank slashed its target by up to 32%.

The gold sector saw widespread weakness, with Lingbao Gold down 5.16%, Chifeng Gold down 4.5%, Zijin Gold International down 4.03%, China Gold International down 3.33%, and Zijin Mining down 2.46%.

(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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