HK Stock Market Move | Gold stocks lead the decline, spot gold falls below the $4200 mark, Citigroup index physical gold purchase volume may decrease
Gold stocks lead the declines, as of press time, Lingbao Gold (03330) fell 6.51% to HK$12.93; Zijin Gold (02259) fell 5.71% to HK$102.3; Chifeng Gold (06693) fell 5.32% to HK$25.62; Shandong Gold (01787) fell 4.72% to HK$21.
Gold stocks lead the decline. As of the time of writing, LINGBAO GOLD (03330) fell by 6.51% to 12.93 Hong Kong dollars; ZIJIN GOLD INTL (02259) fell by 5.71% to 102.3 Hong Kong dollars; Chifeng Jilong Gold Mining (06693) fell by 5.32% to 25.62 Hong Kong dollars; Shandong Gold Mining (01787) fell by 4.72% to 21 Hong Kong dollars.
On the news front, on June 10th, spot gold fell below $4200 per ounce, hitting a two and a half month low. It is reported that on Friday, the US non-farm data far exceeded market expectations, leading to an increase in market expectations of a rate hike by the Federal Reserve. The US CPI data to be released this Wednesday may have further impact on future gold prices.
Citigroup released a research report maintaining a negative view on gold and lowering the target price for the next 0 to 3 months from $4300 per ounce to $4000. The report indicates that to maintain the current gold price levels, physical gold purchases need to be maintained at a pace of around $900 billion annually. The bank is concerned that if the Strait of Hormuz remains closed throughout the entire summer, gold purchases could decrease to $700-750 billion annually, leading to a mechanical fall in prices to levels seen 9-10 months ago, around $3500 per ounce.
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