Understanding the Market | Gold stocks fell across the board, China Gold International and Tongguan Gold dropped over 8%
Gold stocks fell across the board today. As of the time of writing, China Gold International dropped 8.15%, trading at HKD 115; Tongguan Gold fell 8.04%, trading at HKD 2.06; Lingbao Gold decreased by 6.95%, trading at HKD 15.4; and Chifeng Gold declined 6.11%, trading at HKD 26.76. On the news front, on September 4th, spot gold plummeted, briefly falling below the USD 3,520 mark, and is currently reported at USD 3,531.89 per ounce, down 0.77% for the day; COMEX gold futures are currently reported at USD 3,588.3 per ounce, down over 1% for the day. Baocheng Futures believes that since last Friday, precious metals have shown an accelerated upward trend, mainly due to the weakening performance of both domestic and foreign equity markets, which has significantly increased the market's demand for safe-haven assets. Funds may be starting to rotate, leading to an increase in the safe-haven premium for precious metals. Additionally, the current market focus is on the U.S. non-farm payroll data for August. This is the last non-farm data before the Federal Reserve's interest rate meeting in September, and it is expected to have a critical impact on the interest rate cut in September
According to Zhitong Finance APP, gold stocks fell across the board today. As of the time of publication, China Gold International (02099) was down 8.15%, trading at HKD 115; Tongguan Gold (00340) was down 8.04%, trading at HKD 2.06; Lingbao Gold (03330) was down 6.95%, trading at HKD 15.4; and Chifeng Gold (06693) was down 6.11%, trading at HKD 26.76.
In terms of news, on September 4th, spot gold plummeted, briefly falling below the USD 3,520 mark, and was last reported at USD 3,531.89 per ounce, down 0.77% for the day; COMEX gold futures were last reported at USD 3,588.3 per ounce, down over 1% for the day. Baociti Futures believes that since last Friday, precious metals have shown an accelerated upward trend, mainly due to the weakening performance of both domestic and foreign equity markets, which has significantly increased market demand for safe-haven assets. Funds may begin to rotate, leading to an increase in the safe-haven premium for precious metals. Additionally, the current market focus is on the U.S. non-farm payroll data for August. This is the last non-farm data before the Federal Reserve's interest rate meeting in September, and it is expected to have a critical impact on the interest rate cut in September
