Movement Alert|CHINAGOLDINTL Falls 3.03% at Open, Gold Sector Under Pressure as Fed Rate Hike Expectations Surge

Market Focus07-24

On July 24, CHINAGOLDINTL fell 3.03% at open, trading at 169.9 HKD/share, with turnover of HKD 3.4269 million. The gold sector faced broad-based selling pressure as international gold prices continued to retreat.

On the news front, escalating Middle East tensions drove oil prices to a six-week high, intensifying inflation concerns and pushing the probability of a Fed 25-basis-point rate hike in September to 77% according to the CME FedWatch tool. The US dollar strengthened while two-year Treasury yields touched a 17-month high, compressing gold prices below the USD 4,100/oz level with COMEX gold futures falling 1.32% to USD 4,096.90/oz on July 23. Higher interest rates raise the opportunity cost of holding non-yielding assets like gold, triggering broad selling across the precious metals complex.

Within the Gold sector, ZIJIN MINING down 2.69%, ZIJIN GOLD INTL down 5.44%, LINGBAO GOLD down 6.65%, CHIFENG GOLD down 6.93%, ZHAOJIN MINING down 4.51%.

(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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