Stock Track | Zijin Mining Plummets 5.05% Intraday as Hot U.S. Inflation Data Sparks Rate Hike Fears

Stock Track05-14 11:17

Zijin Mining's stock plunged 5.05% during the intraday session, reflecting a sharp sell-off across the gold mining sector.

The decline was triggered by a hotter-than-expected U.S. Producer Price Index (PPI) report, which intensified market expectations for further Federal Reserve interest rate hikes. Data showed the PPI for April rose 6% year-over-year, marking the highest level since December 2022, with the surge driven by rising energy and transportation costs.

Gold-related stocks are particularly sensitive to interest rate expectations, as higher rates increase the opportunity cost of holding non-yielding bullion. This sector-wide pressure overshadowed Zijin Mining's recent record-breaking first-quarter earnings, leading to the significant decline alongside peers in the Hong Kong market.

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