US Stock Market Move | The gold sector has fallen sharply, with Gold Fields Limited Sponsored ADR (GFI.US) dropping nearly 5%.

On Friday, the gold sector of the US stock market fell sharply, with Gold Fields Limited Sponsored ADR (GFI.US) dropping nearly 5%, Harmony Gold Mining Co. Ltd. Sponsored ADR (HMY.US) falling over 3%, and Royal Gold, Inc. (RGLD.US) dropping 3%. During the day, spot gold plummeted by 2%. On the news front, on June 27, the World Gold Council released a report stating that in May, the physical gold demand weakened seasonally, with 99 tons of gold withdrawn from the Shanghai Gold Exchange, a decrease of 35% from the previous month. The World Gold Council believes that the decline is mainly attributed to the fact that the second quarter to early third quarter is a weak season for gold consumption, and the easing of the trade tensions between China and the US has weakened the safe-haven demand, combined with the weak performance of gold prices.