Understanding the Market | Gold stocks collectively decline as the US and UK reach a trade agreement, boosting risk appetite; spot gold falls below the $3,280 mark

Gold stocks collectively declined. As of the time of publication, Jihai Resources fell 5.34% to HKD 1.24; CHIFENG GOLD dropped 4.04% to HKD 26.15; TONGGUAN GOLD decreased 2.5% to HKD 1.17; SD GOLD fell 2.11% to HKD 23.15. On the news front, the UK and the US reached an agreement on tariff trade agreement terms, significantly increasing risk appetite, leading to a continued decline in gold prices. Additionally, reports indicate that the US is considering a substantial reduction of tariffs on China to 50%, potentially effective as early as next week. On May 9, spot gold fell below USD 3,280 per ounce, with a daily decline of 0.89%. Huatai Futures pointed out that as Trump's stance on imposing high tariffs and his attitude towards Federal Reserve Chairman Powell has softened, the market's pricing of future uncertainty risks has temporarily decreased, causing gold prices to rise and then fall back, currently trapped in a volatile pattern, while it is necessary to pay attention to whether liquidity risk impacts will occur again thereafter