Movement Alert|LINGBAO GOLD Falls 5.26% in Regular Trading, Fed Rate Hike Triggers Sharp Gold Price Drop Dragging Down Sector

Market Focus09:43

On September 17, LINGBAO GOLD fell 5.26% in regular trading, trading at HK$23.4, with turnover of approximately HK$73.31 million.

On the news front, the U.S. Federal Reserve announced a 25-basis-point rate hike in the early hours of September 17, marking the first increase in over three years. Spot gold had briefly surged to $4,367/oz ahead of the decision but subsequently plunged, hitting an intraday low of $4,236 before settling at $4,263/oz, down approximately 0.68% on the day. The rate hike, while largely priced in by markets at over 90% probability, still triggered a sharp sell-off in gold and gold equities upon confirmation.

The broader Hong Kong-listed gold sector came under significant pressure. Within the Gold sector, SD GOLD fell 5.78%, ZHAOJIN MINING fell 5.56%, CHINAGOLDINTL fell 4.68%, ZIJIN GOLD INTL fell 4.52%, and CHIFENG GOLD fell 4.06%. LINGBAO GOLD, which had risen over 5% in the prior session on sector strength and acquisition catalysts, gave back those gains as macro headwinds overwhelmed company-specific positives.

(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.)

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