HK Stock Market Move | Gold stocks across the board plunged, with international gold prices falling 6% at one point. Citigroup has changed its target price from long to short, now at $4000.

Gold stocks across the board plummeted. As of the time of this report, CHI SILVER GP (00815) fell by 9.72% to 0.65 Hong Kong dollars; CHINAGOLDINTL (02099) fell by 7.01% to 122 Hong Kong dollars; PERSISTENCE RES (02489) fell by 6.71% to 1.53 Hong Kong dollars; Shandong Gold Mining (01787) fell by 6.72% to 33.06 Hong Kong dollars. On the news front, influenced by geopolitical factors and profit-taking by investors, gold and silver experienced widespread selling in the market. On October 21, the international spot price of gold fell by over 6%, dropping below $4100 per ounce, marking the largest single-day drop in 12 years; the international spot price of silver fell by over 8%, dropping below $48 per ounce, marking the largest single-day drop in 2021. On October 22, the spot gold market saw significant fluctuations in the morning, dropping to touch the $4000 level before rebounding to $4110. Citigroup mentioned in a report that the end of the U.S. government shutdown and trade tensions may push gold prices into a consolidation phase in the next 2-3 weeks. Analysts stated that Citigroup maintains a target price for gold around $4000 per ounce - emphasizing that this price was previously seen as an ideal (bullish) target, but is now seen as a bearish expectation. Currently, spot gold is trading around $4110 per ounce.