Understanding the Market | Gold stocks weaken, CHINAGOLDINTL fell by 3% after performance, expectations of a significant Fed rate cut cool
Gold stocks collectively weakened. As of the time of publication, CHINAGOLDINTL fell by 2.8% to HKD 39.85; Lingbao Gold fell by 2.76% to HKD 3.17; Shandong Gold fell by 2.38% to HKD 15.62; Zijin Mining fell by 0.65% to HKD 15.26. On the news front, the growth rate of the US CPI in July continued to decline, easing the decline, and the market's expectation of a significant interest rate cut by the Federal Reserve cooled down, leading to a roughly 1% drop in the overnight gold price. In addition, CHINAGOLDINTL released its mid-term performance for 2024, with sales revenue of USD 208 million, a 36% year-on-year decrease; a net loss of USD 30.892 million, compared to a net profit of USD 25.321 million in the same period last year. The total gold production decreased by 42% from 89,317 ounces in the same period of 2023 to 52,087 ounces
According to the information from the Wise Finance APP, gold stocks collectively weakened. As of the time of publication, China Gold International (02099) fell by 2.8% to HKD 39.85; Lingbao Gold (03330) fell by 2.76% to HKD 3.17; Shandong Gold (01787) fell by 2.38% to HKD 15.62; and Zijin Mining (02899) fell by 0.65% to HKD 15.26.
On the news front, the growth rate of the US CPI in July continued to fall, easing the decline, and the market's expectation of a significant interest rate cut by the Federal Reserve cooled down, leading to a roughly 1% drop in the overnight gold price. In addition, China Gold International released its mid-term performance for 2024, with sales revenue of USD 208 million, a 36% year-on-year decrease; a net loss of USD 30.892 million, compared to a net profit of USD 25.321 million in the same period last year. The total gold production decreased by 42% from 89,317 ounces in the same period of 2023 to 52,087 ounces