Understanding the Market | Gold stocks collectively decline, LINGBAO GOLD falls over 5%, ZIJIN MINING falls over 4%
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Gold stocks collectively fell, with LINGBAO GOLD down over 5% and ZIJIN MINING down over 4%. After reaching a historical high, gold prices have retreated, with spot gold reported at $3,031 per ounce. CITIC Futures pointed out that the slight strengthening of the dollar has created short-term pressure on gold prices, but expectations of a Federal Reserve interest rate cut have limited the appreciation potential of the dollar. Dongfang Jincheng predicts that gold prices may face phase adjustment pressure, but demand for safe-haven assets will continue to support gold prices
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