Gold stocks fell across the board in early trading. As of press release, China Silver Group (00815) fell 5.45% to HK$0.26; Zijin Mining (02899) fell 4.02% to HK$15.76; and Lingbao Gold (03330) fell 4.02% to HK$3.1.
The Zhitong Finance App learned that gold stocks fell across the board in early trading. As of press release, China Silver Group (00815) fell 5.45% to HK$0.26; Zijin Mining (02899) fell 4.02% to HK$15.76; Lingbao Gold (03330) fell 4.02% to HK$3.1; Shandong Gold (01787) fell 2.88% to HK$14.44.
According to the news, due to the impact of the strong US dollar, international gold prices fell by nearly 2% last week, the biggest weekly decline in more than five months. Galaxy Futures pointed out that when Trump was elected as the next US president, the market believes that his policies such as cutting domestic taxes, imposing tariffs on foreign countries, and supporting traditional energy will bring prosperity to the US economy, and the yield on US dollars and US bonds will be supported, putting pressure on precious metals.
On the other hand, at the November FOMC meeting, as the market expected to cut interest rates by 25 bps, Powell emphasized the independence of the Federal Reserve and the “data-dependent” monetary policy decision-making method, but more prospects for the US economic outlook, especially the impact of future fiscal policies, may only be found in the December Federal Reserve's latest bitmap and SEP economic forecasts. Since Trump's related policies may also bring higher inflation, the market has now generally lowered the extent of possible future interest rate cuts, which also puts pressure on precious metals.