Gold Prices Decline from Recent Highs, Falling 4%; ZHAOJIN and ZIJIN Drop Approximately 10% and 9%
Gold Price Decline: Gold prices have retreated from historical peaks, with spot gold down 4% to USD5,159.07 per ounce, and gold futures for February delivery falling 3.45% to USD5,134.8 per ounce.
Impact on Gold Miners: HK-listed gold miners experienced significant declines, with ZHAOJIN MINING down 9.65%, ZIJIN MINING down 8.8% after issuing USD1.5 billion in convertible bonds, and SD GOLD down 12.72%.
Short Selling Activity: There was notable short selling activity among gold stocks, with ratios exceeding 15% for several companies, indicating bearish sentiment among investors.
Market Outlook: Morgan Stanley suggests that gold prices have not peaked, with a potential bull case predicting prices could reach USD5,700 in the second half of the year.
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Gold Prices Decline from Recent Highs, Falling 4%; ZHAOJIN and ZIJIN Drop Approximately 10% and 9%
Gold Price Decline: Gold prices have retreated from historical peaks, with spot gold down 4% to USD5,159.07 per ounce, and gold futures for February delivery falling 3.45% to USD5,134.8 per ounce.
Impact on Gold Miners: HK-listed gold miners experienced significant declines, with ZHAOJIN MINING down 9.65%, ZIJIN MINING down 8.8% after issuing USD1.5 billion in convertible bonds, and SD GOLD down 12.72%.
Short Selling Activity: There was notable short selling activity among gold stocks, with ratios exceeding 15% for several companies, indicating bearish sentiment among investors.
Market Outlook: Morgan Stanley suggests that gold prices have not peaked, with a potential bull case predicting prices could reach USD5,700 in the second half of the year.
HSI Declines by 182 Points; Gold and Resource Stocks Fall; NWD Surges Over 5%
Market Performance: The Nasdaq fell by 0.7% due to a drop in Microsoft shares, while the DJIA rose slightly by 0.1%. Hong Kong's stock market also opened lower, with significant declines in various indices.
New World Development Rumors: There are rumors that New World Development is changing ownership, with Blackstone negotiating to become the largest shareholder, leading to a 5.6% increase in its stock price.
Gold and Resource Sector Declines: Gold prices saw a significant drop, affecting stocks like SD Gold and Zhaojin Mining, which opened lower. Other resource companies, including Jiangxi Copper and CMOC, also experienced declines.
Tech Sector Performance: Major tech stocks such as Tencent, Alibaba, and JD.com opened lower, reflecting a broader trend of declines in the technology sector amidst increased short selling activity.
