On June 12, China Gold International rose 4.78% in regular trading, trading at 143.9 HKD/share, with turnover of 40.72 million HKD.
On the news front, the US May CPI report showed headline inflation rebounding to 4.2% year-over-year, but core CPI rose only 0.2% month-over-month, below the market consensus of 0.3% and notably lower than the prior reading of 0.4%. The softer core inflation reading tempered market expectations for aggressive Fed rate hikes, with analysts noting the Fed is unlikely to take hawkish action in the near term. This eased pressure on gold prices, which had previously fallen sharply below $4,100/oz amid elevated rate expectations.
The gold sector broadly rebounded following the data release, with Lingbao Gold up 4.75%, Zijin Mining up 3.57%, Zhaojin Mining up 2.68%, Chifeng Gold up 1.28%, and Zijin Gold International up 0.59%. The rebound follows a steep selloff that saw international spot gold retreat over 29% from its yearly high, as markets had priced in aggressive tightening expectations.
(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.)
Comments