Gold Stocks Under Broad Pressure as Middle East Volatility and Fed Hike Expectations Weigh on Prices

Stock News06-02 11:25

Gold stocks are experiencing widespread pressure in today's session. At the time of writing, Tongguan Gold (HKG: 0340)

has declined by 4.98% to HK$2.10. Zijin Mining International (HKG: 2259)

is down 3.86% at HK$124.70. Lingbao Gold (HKG: 3330)

has fallen 3.63% to HK$15.92. Chifeng Gold (HKG: 6693)

dropped 2.29% to HK$29.86, while Shandong Gold Mining (HKG: 1787)

is down 1.92% at HK$23.50.

Market sentiment is being influenced by recent developments. Concerns over escalating tensions in the Middle East intensified, leading to a surge in international oil prices overnight. However, spot gold prices retreated, falling below the $4,500 per ounce level. Reports from Iran indicate plans by Iran and the "Axis of Resistance" to completely block the Strait of Hormuz and initiate actions in other strategic areas, including the Bab el-Mandeb Strait.

Concurrently, expectations for the Federal Reserve to raise interest rates are strengthening. The latest data showed the U.S. ISM Manufacturing Index for May reached a four-year high. This has prompted traders to increase bets that the Fed's next policy move will be a rate hike. Interest rate swaps now fully price in expectations for a rate increase by March 2027.

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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