HK Stock Market Move | Most gold stocks are falling, TONGGUAN GOLD (00340) drops nearly 10%, Citigroup predicts that the gold price will fall below $3,000 per ounce.

Most gold stocks are falling. As of press time, TONGGUAN GOLD (00340) fell by 9.78% to HK$2.49; LINGBAO GOLD (03330) fell by 5.42% to HK$10.48; and Chifeng Jilong Gold Mining (06693) fell by 2.9% to HK$30.1. On the news front, it was reported that Iran hopes to have dialogue with the United States and Israel to seek an end to hostilities. As long as the US does not participate in attacks, Iran is willing to return to the negotiation table on nuclear issues. The decline in risk aversion led to a drop in gold prices, with spot gold falling below $3400 per ounce. Citibank stated that the record-breaking rally in gold is likely to come to an end, and they expect gold prices to fall below $3000 per ounce in the next few quarters. The bank believes that gold, as a bright spot among commodities, will have a hard time maintaining its strong performance. In addition, a commodity analyst at Bank of America said that gold prices could still reach $4000 per ounce, as investment demand is just starting to grow, and gold still has huge upside potential, with geopolitics in the Middle East unlikely to be a driver of continued gold price increases.