Understanding the Market | CHIFENG GOLD turned down more than 5% in the afternoon as international gold prices have fluctuated significantly recently, with institutions indicating that multiple factors are exerting pressure on gold prices
CHIFENG GOLD turned to a decline of over 5% in the afternoon, after rising more than 5% in the morning session. As of the time of publication, it fell 5.24% to HKD 27.1, with a trading volume of HKD 1.015 billion. On the news front, international gold prices have been quite volatile recently. On the afternoon of May 8, spot gold fell below USD 3,330 per ounce, with a decline of over 1%, currently reported at USD 33,228.69 per ounce. On Wednesday local time, U.S. President Trump hinted at a major trade announcement to be made on Thursday. Additionally, the Federal Reserve announced in May that it would remain "on hold," keeping the federal funds rate target range unchanged at 4.25%-4.5%. CITIC Futures believes that the Federal Reserve's decision to remain on hold in May aligns with market expectations, and gold prices are expected to continue a volatile consolidation trend in the short term. After the rapid increase in April, prices need time to digest and consolidate, while factors such as the temporary easing of tariff disputes, the temporary resilience of U.S. economic data, and the retreat of interest rate cut expectations are exerting pressure on gold prices
According to Zhitong Finance APP, CHIFENG GOLD (06693) turned to decline by over 5% in the afternoon, after rising more than 5% in the morning. As of the time of publication, it fell by 5.24%, trading at HKD 27.1, with a transaction volume of HKD 1.015 billion.
In terms of news, international gold prices have been quite volatile recently. On the afternoon of May 8, spot gold fell below USD 3,330 per ounce, down over 1%, and the latest price was USD 33,228.69 per ounce. On Wednesday local time, U.S. President Trump hinted at a major trade announcement to be made on Thursday. Additionally, the Federal Reserve announced in May to remain "on hold," keeping the federal funds rate target range unchanged at 4.25%-4.5%. CITIC Futures believes that the Federal Reserve's decision to remain on hold in May aligns with market expectations, and gold prices are expected to continue a fluctuating consolidation trend in the short term. After the rapid rise in April, prices need time to digest and consolidate, while factors such as the temporary easing of tariff disputes, the temporary resilience of U.S. economic data, and the retreat of interest rate cut expectations are exerting pressure on gold prices
