Movement Alert｜Zijin Gold International Falls 3.06% in Regular Trading, Multiple Global Banks Turn Bearish as Fed Rate Hike Expectations Surge

Market Focus09:54

On June 24, Zijin Gold International fell 3.06% in regular trading, trading at HKD 96.45/share, with turnover of HKD 79.065 million.

On the news front, gold stocks remain under sustained pressure as multiple global investment banks collectively turned bearish on the precious metal. Bank of America and Deutsche Bank both forecast the Fed will raise rates this year, with BofA projecting three 25bp hikes in September, October, and December. CME FedWatch data shows the probability of a December rate hike has surged to 89%. Goldman Sachs slashed its year-end gold target by $500 to $4,900/oz, warning that if rate hikes materialize, gold could fall further to $4,440/oz.

Spot gold has broken below the critical $4,200 support level and briefly lost the $4,100 mark, retreating over 20% from its yearly high. The strong U.S. dollar and elevated Treasury yields continue to compress the valuation of non-yielding gold. Within the sector, SD Gold fell 3.16%, Lingbao Gold fell 1.9%, and China Gold International fell 1.22%.

(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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