Understanding the Market | Gold stocks collectively opened lower as geopolitical tensions quickly eased, leading to a high-level correction in the precious metals market
Gold stocks opened lower collectively. As of the time of writing, CHINAGOLDINTL fell 3.99% to HKD 149; ZIJIN GOLD INTL dropped 3.75% to HKD 136; SD GOLD decreased 3.71% to HKD 40.5; CHIFENG GOLD fell 3.13% to HKD 34.08. In terms of news, early this morning, spot gold fell below the USD 3960/ounce mark, retreating nearly USD 100/ounce from its high, and COMEX gold futures closed down 1.95%. According to reports, on the evening of October 9 local time, Hamas senior official and chief negotiator Khalil Hayya announced a ceasefire agreement. The Israeli government approved the Gaza ceasefire agreement early on the 10th. Baocheng Futures pointed out that the short-term ceasefire agreement between Israel and Hamas has led to a rapid cooling of geopolitical tensions, coupled with a significant increase recorded earlier, resulting in strong profit-taking willingness among bulls in the short term. Huatai Futures stated that after gold prices reached a historical high, profit-taking sentiment may temporarily suppress gold prices, but the current risk premium and the main logic of the Federal Reserve's easing have not changed significantly, and prices are expected to rise further in the future
According to Zhitong Finance APP, gold stocks opened lower collectively. As of the time of publication, China Gold International (02099) fell by 3.99%, trading at HKD 149; Zijin Gold International (02259) dropped by 3.75%, trading at HKD 136; Shandong Gold (01787) decreased by 3.71%, trading at HKD 40.5; and Chifeng Gold (06693) fell by 3.13%, trading at HKD 34.08.
In terms of news, early this morning, spot gold fell below the USD 3960 per ounce mark, retreating nearly USD 100 per ounce from its high, with COMEX gold futures closing down 1.95%. According to reports, on the evening of October 9 local time, Hamas senior official and chief negotiator Khalil Hayya announced a ceasefire agreement. The Israeli government approved the Gaza ceasefire agreement early on the 10th.
Baocun Futures pointed out that the short-term ceasefire agreement between Israel and Hamas has led to a rapid cooling of geopolitical tensions, combined with the significant gains recorded earlier, resulting in a strong willingness among bulls to take profits in the short term. Huatai Futures stated that the profit-taking sentiment after gold prices reached historical highs may suppress gold prices in the short term, but the current risk premium and the main logic of the Federal Reserve's easing have not changed significantly, and prices are expected to rise further in the future
