Movement Alert｜Shandong Gold Rises 3.5% in Regular Trading, Gold Sector Stages Oversold Rebound After Weeks of Sharp Decline

Market Focus06-29

On June 29, Shandong Gold rose 3.5% in regular trading, trading at HK$17.69/share, with turnover of HK$60.52 million. The rebound followed weeks of heavy selling across the gold sector after spot gold broke below the $4,000/oz psychological level.

Shandong Gold's Hong Kong shares had accumulated over 10% in losses over the prior week, with multiple technical oversold signals emerging. Today the gold sector staged a broad-based recovery, with China Gold International up 5.17%, Zhaojin Mining up 4.45%, Zijin Gold International up 2.4%, and Zijin Mining up 2.19%.

Additionally, the World Gold Council's latest survey revealed that 45% of central bank reserve managers plan to increase gold holdings over the next 12 months, a record-high proportion. This structural central bank buying demand is viewed as providing medium- to long-term support for gold prices, even as short-term headwinds from a stronger U.S. dollar and elevated Fed rate hike expectations persist.

(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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