HK Stock Market Move | Gold stocks continue to decline, Lingbao Gold (03330) falls over 4%. The high gold price suddenly drops and continues to adjust.

Gold stocks continued to decline. As of the time of writing, CHI SILVER GP (00815) fell by 6.06% to 0.62 Hong Kong dollars; LINGBAO GOLD (03330) fell by 4.17% to 16.53 Hong Kong dollars; CHINAGOLDINTL (02099) fell by 4.07% to 122.6 Hong Kong dollars; ZIJIN GOLD INTL (02259) fell by 3.35% to 126.9 Hong Kong dollars. In terms of news, after reaching the largest single-day decline in nearly 12 years the previous trading day, the price of gold continued to fall on Wednesday, approaching the $4,000 per ounce mark at one point. This morning's spot gold fluctuated narrowly, and as of the time of writing, it was reported at $4080.27 per ounce, down 0.45%. Citibank expressed a bearish view on gold in the short term (previously bullish, now turning bearish), setting a target price of $4,000 per ounce for 0-3 months. China Securities Co., Ltd. stated that silver trading is overheated, slowing down the pace of long positions in gold and silver. The bank believes that the VIX of gold and silver has risen significantly to historically high levels, indicating overheated trading in silver. With actual interest rates falling, market volatility increasing, and overall gold demand increasing, the bank remains bullish on gold in the medium to long term.