Movement Alert｜Zijin Gold International Falls 3.24% in Regular Trading, US Inflation Data Reinforces Rate Hike Expectations Weighing on Gold Sector

Market Focus06-02 09:49

On June 2, Zijin Gold International fell 3.24% in regular trading, trading at 123.8 HKD/share, with trading volume of 127 million HKD. The gold sector came under broad-based selling pressure.

On the news front, US April inflation data rose to a near three-year high, further reinforcing market expectations of a Fed rate hike this year. New Fed Chair Waller has released hawkish signals since taking office, with the CME FedWatch tool showing the probability of a 25-basis-point rate hike this year surging to 67.1%. The elevated rate environment continues to raise the opportunity cost of holding non-yielding gold, directly pressuring bullion prices and related equities.

Within the Gold sector, stocks declined broadly. Among individual stocks, Lingbao Gold fell 3.57%, Chifeng Gold fell 3.6%, Zhaojin Mining fell 2.76%, China Gold International fell 0.8%, and Zijin Mining fell 0.37%. Additionally, the company recently extended the outside date for its proposed CA$5.5 billion acquisition of Allied Gold to July 29, as certain key regulatory approvals have not yet been obtained.

(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.)

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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