Movement Alert|Zijin Gold International Falls 3.27% in Regular Trading, Fed Hawkish Signals and Goldman Sachs Gold Price Cut Extend Sector Selloff

Market Focus06-23 09:49

On June 23, Zijin Gold International fell 3.27% in regular trading, trading at HK$102.3/share, with turnover of approximately HK$34.58 million.

On the news front, the gold sector remains under heavy pressure from multiple headwinds. Goldman Sachs cut its year-end gold price forecast by $500/oz to $4,900/oz, citing expectations that the Fed will not cut rates this year. Meanwhile, new Fed Chair Waller's inaugural FOMC meeting delivered the clearest hawkish signal yet, with nine officials projecting at least one rate hike this year. The December rate hike probability has risen to 72%, pushing the USD index above 100 and keeping Treasury yields elevated, which continues to suppress the valuation of non-yielding gold. Spot gold has broken below the $4,200 mark, retreating over 20% from its annual high.

Across the gold sector, declines were broad-based. Chifeng Gold fell 4.14%, Zijin Mining fell 3.8%, SD Gold fell 2.53%, Lingbao Gold fell 2.31%, and Zhaojin Mining fell 0.95%.

(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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