Understanding the Market | Gold stocks weaken, CHINAGOLDINTL fell by 3% after performance, expectations of a significant Fed rate cut cool

Gold stocks collectively weakened. As of the time of publication, CHINAGOLDINTL fell by 2.8% to HKD 39.85; Lingbao Gold fell by 2.76% to HKD 3.17; Shandong Gold fell by 2.38% to HKD 15.62; Zijin Mining fell by 0.65% to HKD 15.26. On the news front, the growth rate of the US CPI in July continued to decline, easing the decline, and the market's expectation of a significant interest rate cut by the Federal Reserve cooled down, leading to a roughly 1% drop in the overnight gold price. In addition, CHINAGOLDINTL released its mid-term performance for 2024, with sales revenue of USD 208 million, a 36% year-on-year decrease; a net loss of USD 30.892 million, compared to a net profit of USD 25.321 million in the same period last year. The total gold production decreased by 42% from 89,317 ounces in the same period of 2023 to 52,087 ounces