Golden Industrial Concept continues to decline. As of the time of this report, Chifeng Jilong Gold Mining (06693) is down 4.94%, reported at 26 Hong Kong dollars; PERSISTENCE RES (02489) is down 4.17%, reported at 1.15 Hong Kong dollars; LINGBAO GOLD (03330) is down 3.41%, reported at 8.51 Hong Kong dollars.
According to the Zhitong Finance APP, Golden Industrial Concept stocks continue to decline. As of the time of this report, Chifeng Jilong Gold Mining (06693) fell by 4.94%, reporting at 26 Hong Kong dollars; Persistence Res (02489) dropped by 4.17%, reporting at 1.15 Hong Kong dollars; LINGBAO GOLD (03330) decreased by 3.41%, reporting at 8.51 Hong Kong dollars; CHINAGOLDINTL (02099) fell by 1.71%, reporting at 49 Hong Kong dollars.
On the news front, international gold prices have been highly volatile recently. After breaking the $3,500 barrier last week, spot gold has pulled back, reporting at $3,286.2/ounce as of the time of this report, with a drop of over 1% during the day. Baocang Futures pointed out that the rise and fall of gold is partly due to US President Trump stating that tariffs on China are too high, expecting them to drop significantly, which has lowered the short-term demand for gold as a safe haven. On the other hand, gold has accumulated a significant increase since the beginning of the year and since April. With a significant rise in gold prices in the short term, the slowing of tariffs has led to an increase in the willingness of bulls to take profits, resulting in a rapid decline. From a mid to long-term perspective, the main factors driving the rise in gold are the demand for safe havens and asset allocation caused by de-globalization and de-dollarization, and the upward trend in the medium to long term remains unchanged.
