Movement Alert｜Lingbao Gold Falls 5.34% in Regular Trading, Gold Sector Pulls Back as Fed Rate Hike Expectations Pressure Prices

Market Focus07-07 14:01

On July 7, Lingbao Gold fell 5.34% in regular trading, trading at HKD 14.56 per share, with turnover of HKD 118 million. The decline came as the gold sector experienced a broad technical correction following two consecutive days of sharp rebounds.

On the news front, JPMorgan released its latest research report indicating that gold will maintain a range-bound trading pattern in the near term, with a Q3 average price forecast of USD 4,300/oz and Q4 at USD 4,500/oz. Institutions noted that rising Fed rate hike expectations and above-forecast inflation persistence have kept the Fed hawkish, with a strengthening US dollar and weakening demand outlook creating dual pressure on precious metals valuations.

Within the Gold sector, stocks declined broadly. China Gold International fell 4.92%, Zijin Gold International fell 4.83%, Zhaojin Mining fell 3.99%, Zijin Mining fell 3.65%, and Shandong Gold fell 3.51%. The sector-wide pullback followed a period in which gold had rebounded above USD 4,170/oz, driven by weak US non-farm payroll data released earlier in the week.

(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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