Gold stocks opened collectively lower. As of the time of writing, China Gold International Resources (02099.HK) fell by 5.36%, trading at HKD 180; Lingbao Gold (03330.HK) dropped by 5.11%, trading at HKD 20.78.
According to Zhitong Finance, gold stocks collectively opened lower. As of press time, China Gold International (02099) fell 5.36% to HKD 180; Lingbao Gold (03330) dropped 5.11% to HKD 20.78; Shandong Gold (01787) declined 5.11% to HKD 36.74; and Chifeng Gold (06693) decreased 4.74% to HKD 33.8.
In terms of market developments, international precious metals continued their downward trend. On the morning of February 6, gold and silver opened lower, with spot gold briefly falling below the USD 4,700 mark, recording a daily decline of over 1%. Spot silver hit a low of USD 64.035 per ounce, erasing all gains since the beginning of the year after closing down more than 20% yesterday. Last night, the U.S. December JOLTS job openings report showed a more-than-five-year low, far below expectations. U.S. Challenger reported that corporate layoffs in January totaled 108,000, marking the highest level for the same period since 2009, surging 205% month-on-month. Additionally, Federal Reserve Governor Cook stated that the Fed must bring inflation back to its target level in the near term to maintain its credibility. Cook noted that risks currently lean toward upward inflationary pressures, while uncertainties about the economic outlook remain elevated.
