Movement Alert|Zijin Gold International Falls 3.07% in Regular Trading, Gold Sector Extends Selloff as Spot Gold Breaks Below $4000 and Major Banks Cut Price Targets

Market Focus
Jun 26

On June 26, Zijin Gold International fell 3.07% in regular trading, trading at 89.95 HKD/share, with turnover of 127 million HKD.

On the news front, the gold sector remains under significant pressure. Spot gold has fallen below the $4,000 psychological level for the first time in seven months. Rising interest rate hike expectations have pushed the US Dollar Index above 101.6 to a 13-month high, continuously suppressing the valuation of non-yielding gold assets. Multiple Wall Street investment banks have recently cut their gold price forecasts in rapid succession, with Goldman Sachs slashing its year-end target to $4,900/oz and warning prices could fall further to $4,440 if rate hikes materialize. Deutsche Bank also reduced its Q3 forecast by 22% and Q4 forecast by 17%.

Within the Gold sector, ZIJIN MINING fell 1.36%, CHINAGOLDINTL fell 3.98%, SD GOLD fell 3.35%, LINGBAO GOLD fell 1.16%, and ZHAOJIN MINING fell 2.64%.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

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