Movement Alert|CHIFENG GOLD Falls 3.35% in Regular Trading, Fed Rate Hike Triggers Gold Price Slump Dragging Down Gold Sector

Market Focus09-17

On September 17, CHIFENG GOLD fell 3.35% in regular trading, trading at HK$37.98/share, with turnover of HK$18.75 million.

On the news front, the U.S. Federal Reserve announced a 25-basis-point rate hike on September 16, lifting the federal funds rate to 3.75%-4.00%, marking the first rate increase in three years. Following the decision, spot gold plunged from a pre-decision high of $4,367 to $4,234, hitting a new low since August 7, and closed at $4,264/oz, down over 1% on the day. The sharp pullback in gold prices directly weighed on the gold mining sector.

Within the Gold sector, the decline was broad-based. Among individual stocks, SD GOLD fell 5.21%, LINGBAO GOLD fell 4.94%, ZHAOJIN MINING fell 4.52%, ZIJIN GOLD INTL fell 4.46%, and CHINAGOLDINTL fell 4.29%. Additionally, Zhaojin Mining previously sold 7.5 million H-shares of CHIFENG GOLD at HK$41.72 per share, reducing its long position from 6.05% to 2.88%, with residual selling pressure from the shareholder reduction continuing to weigh on sentiment.

(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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