Stock Track | Lingbao Gold Plummets 5.07% Intraday as Strong US Inflation Data Pressures Gold Sector

Stock Track05-13 15:51

Shares of Lingbao Gold (03330) plummeted 5.07% during intraday trading on Wednesday, underperforming the broader gold sector in Hong Kong.

The sharp decline comes as gold stocks face broad selling pressure following the release of stronger-than-expected US inflation data. Overnight, US April CPI figures showed the core annual rate rising to 2.8% and the overall annual rate hitting 3.8%, a three-year high. This data prompted a strengthening of the US dollar and Treasury yields, which typically creates headwinds for gold prices and related equities.

Market analysts note that the disappointing inflation report has shifted expectations for Federal Reserve policy, though geopolitical tensions between the US and Iran continue to provide some underlying support for precious metals as a safe-haven asset.

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