Understanding the Market | Gold stocks fell across the board today, with CHIFENG GOLD and LINGBAO GOLD both dropping over 5%
Gold stocks fell broadly today. As of the time of publication, CHIFENG GOLD dropped 5.02%, trading at HKD 31.02; LINGBAO GOLD fell 5.06%, trading at HKD 17.26; CHINAGOLDINTL decreased by 4.42%, trading at HKD 131.9; TONGGUAN GOLD declined 2.62%, trading at HKD 2.23. In terms of news, on September 15, spot gold briefly fell below USD 3,630 per ounce. According to CCTV News, on September 14 local time, U.S. President Trump told reporters that he expects the Federal Reserve to announce a "significant interest rate cut" at this week's meeting. The market is currently focused on the FOMC meeting this Thursday. Tongguan Jinyuan Futures pointed out that the main factors driving gold prices higher are weak U.S. economic data and rising expectations for interest rate cuts, and that central bank gold purchases continue to provide solid support for the medium to long-term trend of gold prices. It is expected that before the Federal Reserve's interest rate cut on September 18, gold and silver prices will maintain high levels, and caution is advised for a potential short-term correction after the expected interest rate cut is realized due to profit-taking
According to Zhitong Finance APP, gold stocks fell broadly today. As of the time of writing, CHIFENG GOLD (06693) fell 5.02% to HKD 31.02; LINGBAO GOLD (03330) fell 5.06% to HKD 17.26; CHINAGOLDINTL (02099) fell 4.42% to HKD 131.9; TONGGUAN GOLD (00340) fell 2.62% to HKD 2.23.
On the news front, on September 15, spot gold briefly fell below USD 3,630 per ounce. According to CCTV News, on September 14 local time, U.S. President Trump told reporters that he expects the Federal Reserve to announce a "significant interest rate cut" at this week's meeting. The market is currently focused on the FOMC meeting on Thursday. Tongguan Jinyuan Futures pointed out that the main factors driving gold prices higher are weak U.S. economic data and rising expectations for interest rate cuts, and that central bank gold purchases continue to provide solid support for the medium to long-term trend of gold prices. It is expected that before the Federal Reserve's interest rate cut on September 18, gold and silver prices will maintain high levels, and caution is advised for a potential short-term correction after the expected interest rate cut is realized due to profit-taking
