Understanding the Market | Gold stocks fell across the board in the morning session as the Federal Reserve continued to maintain interest rates, and Powell's speech dampened expectations for rate cuts
Gold stocks fell across the board in the morning session. As of the time of writing, TONGGUAN GOLD dropped 9.18%, trading at HKD 1.78; ZIJIN MINING fell 5.16%, trading at HKD 21.15; LINGBAO GOLD decreased by 4.89%, trading at HKD 10.12; CHIFENG GOLD declined 4.23%, trading at HKD 22.65; and SD GOLD fell 3.75%, trading at HKD 24.4. In terms of news, overnight spot gold plummeted over 1.5%, falling below USD 3,280 per ounce. On July 30 local time, the U.S. Federal Reserve concluded its two-day monetary policy meeting, announcing that it would maintain the federal funds rate target range at 4.25% to 4.50%. Powell stated at the press conference following the latest monetary policy meeting that the Fed has not yet made any decisions regarding the September rate. Powell mentioned that they "will refer to relevant economic information before the next meeting." It is still too early to assert whether the Fed will lower the federal funds rate in September as the financial markets expect
According to Zhitong Finance APP, gold stocks fell across the board in the morning session. As of the time of publication, Tongguan Gold (00340) fell 9.18% to HKD 1.78; Zijin Mining (02899) fell 5.16% to HKD 21.15; Lingbao Gold (03330) fell 4.89% to HKD 10.12; Chifeng Gold (06693) fell 4.23% to HKD 22.65; SD-GOLD (01787) fell 3.75% to HKD 24.4.
In terms of news, overnight spot gold fell more than 1.5%, dropping below USD 3,280 per ounce. On July 30 local time, the U.S. Federal Reserve concluded its two-day monetary policy meeting, announcing that it would maintain the federal funds rate target range at 4.25% to 4.50%. Powell stated at the press conference following the latest monetary policy meeting that the Federal Reserve has not yet made any decisions regarding the September rate. Powell mentioned that they "will refer to relevant economic information before the next meeting." It is still too early to assert whether the Federal Reserve will lower the federal funds rate in September as the financial markets expect
