Movement Alert|Zijin Mining Falls 3.1% in Regular Trading, Fed Hawkish Signals Continue to Weigh on Gold Sector

Market Focus06-23

On June 23, Zijin Mining fell 3.1% in regular trading, trading at HK$30.46/share, with turnover of HK$213 million.

On the news front, the Federal Reserve released distinctly hawkish signals at its recent policy meeting, revising up its inflation forecast and reinforcing expectations for rate hikes within the year. The US Dollar Index subsequently broke above the 100 level, while London gold fell below $4,200 per ounce. Goldman Sachs also lowered its year-end gold price forecast to $4,900 per ounce, adding further pressure to the precious metals complex.

Within the Gold sector, the broader group extended its sell-off. Among individual stocks, Chifeng Gold fell 4.21%, Zijin Gold International fell 4.12%, SD Gold fell 2.14%, Lingbao Gold fell 1.95%, and Zhaojin Mining fell 0.85%, reflecting a sector-wide decline driven by tightening monetary policy expectations and a stronger dollar environment suppressing non-yielding gold valuations.

(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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