On June 23, Universal Gold Group fell 5.08% in regular trading, trading at HKD 8.42/share, with turnover of HKD 95.38 million. The decline comes amid intensifying headwinds for gold and precious metals stocks driven by the Federal Reserve's hawkish policy shift and a major Goldman Sachs downgrade of gold price targets.
On the macro front, new Fed Chairman Kevin Warsh deleted forward guidance on rate cuts at the June FOMC meeting, sending a stronger-than-expected hawkish signal that fueled market expectations for rate hikes and continued to suppress gold prices. 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 again this year, marking a notable shift from the bank's previously bullish stance on gold.
Within the Diversified Metals and Mining sector, the broader group saw significant weakness. Among individual stocks, CMOC fell 9.48%, Jiaxin International Resources fell 10.22%, MMG fell 6.53%, Lygend Resources fell 4.54%, and Ximei Resources fell 7.79%.
Universal Gold Group is an investment holding company principally engaged in mining, ore beneficiation, and sales of concentrate products including gold bullion, gold concentrate, and copper concentrate, with operations in China and the Solomon Islands.
(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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