HK Stock Market Move | Spot gold surged before plummeting in early trading, with LINGBAO GOLD (03330) dropping over 7% and Chifeng Jilong Gold Mining (06698) falling nearly 6%.
Gold stocks have seen significant declines. As of the time of writing, Lingbao Gold (03330) is down 7.36%, trading at HKD 22.90; Chifeng Gold (06693) is down 5.84%, trading at HKD 40.92.
Gold stocks fell sharply. As of the time of writing, LINGBAO GOLD (03330) dropped 7.36% to HKD 22.90; Chifeng Jilong Gold Mining (06693) fell 5.84% to HKD 40.92; Shandong Gold Mining (01787) decreased by 5.08% to HKD 25.42; and Zijin Mining Group (02899) lost 3.85% to HKD 36.96.
On the news front, spot gold initially rose this morning, approaching USD 4,700 per ounce before plummeting, and is now down below USD 4,630 per ounce. On Monday, it was reported that the U.S. Treasury is considering using nearly USD 1 trillion from the Treasury General Account (TGA) to fund the recently expanded U.S. debt buyback program. This news temporarily pushed down the yields of 10-year and 30-year U.S. Treasuries.
It is worth noting that U.S. Treasury Secretary Yellen held a press conference on the afternoon of the 24th, announcing a new round of sanctions to economically isolate Iran, in order to further increase pressure on the country. Guotai Junan Futures believes that gold and silver are still in a short-term uptrend, but caution should be exercised regarding the risk of pullbacks after a consecutive rise into previously dense trading zones.
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