Stock Track | Zijin Mining Plummets 9.98% at Opening as Warsh Fed Chair Nomination Triggers Precious Metals Sell-off

Stock Track02-02 09:36

Zijin Mining's stock plunged 9.98% in early trading, mirroring a broad decline across the gold sector. The sharp drop followed significant losses in global gold markets, with London spot gold recording its largest single-day drop in decades.

The market movement was triggered by news that US President Trump nominated Kevin Warsh for the position of Federal Reserve Chair, igniting hawkish expectations and leading to a panic sell-off in precious metals. On the previous trading day, spot gold in London plunged 7.8% while COMEX gold futures in New York plummeted 9.3% in a single session.

Analysts noted that the "Warsh moment" served as the catalyst for a significant market adjustment, particularly affecting precious metals. While this triggered a correction following excessive short-term speculation, institutions believe gold may still find support after this adjustment and could resume its upward trend within the year given sustained long-term allocation demand from global central banks.

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