--- title: "Gold prices plummet, local gold mining stocks generally adjust with a decline of over 10% | Lianhe Zaobao" type: "News" locale: "en" url: "https://longbridge.com/en/news/274488076.md" description: "After experiencing the most severe correction in a decade, gold mining stocks listed on the Singapore Exchange have generally retreated. China National Gold's stock price fell by 8.39%, Fangyuan Group dropped by 4.27%, and Silver Rich Group once fell by 2.8%. The Singapore dollar-denominated gold fund declined by 9.36%. Spot gold fell below USD 5,000 per ounce, with the market being volatile due to investor arbitrage, a strengthening dollar, and changes in the U.S. political landscape" datetime: "2026-02-02T08:57:17.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/274488076.md) - [en](https://longbridge.com/en/news/274488076.md) - [zh-HK](https://longbridge.com/zh-HK/news/274488076.md) --- # Gold prices plummet, local gold mining stocks generally adjust with a decline of over 10% | Lianhe Zaobao After experiencing the most severe correction in over a decade, the stock prices of companies related to gold mining listed on the Singapore Exchange fell sharply on Monday (February 2). As of 4:30 PM, the stock price of CNMC Goldmine was reported at SGD 4.31, down 8.39%, with intraday losses exceeding 12% at one point. Gold traders and jewelers were also affected. ValueMax's stock price dropped 4.27%, with intraday losses exceeding 10.3%. MoneyMax fell 2.8% at one point but recovered by the close. In terms of exchange-traded funds (ETFs), the newly listed SGD-denominated gold fund on the Singapore Exchange fell 9.36% on Monday. #### Extended Reading Gold continues to decline, with a drop of over 6% on Monday What led to the sharp drop in gold? What’s the background of the new Fed chair candidate, Waller? Spot gold fell below the USD 5,000 per ounce mark over the past weekend. Christopher Forbes, head of Asia and Middle East at CMC Markets, described this correction as a "typical gap after extreme rises," due to investors taking profits, a stronger dollar, and new developments in the U.S. political landscape causing market turbulence. Charu Chanana, chief investment strategist at Saxo Bank, pointed out that the Chicago Mercantile Exchange's increase in margin requirements also forced leveraged investors to quickly close positions, exacerbating the price decline. Meanwhile, China's suspension of trading in several commodity-linked funds added to market uncertainty and triggered passive selling Forbes believes that gold prices may fluctuate between $4,800 and $5,000 in the short term. Despite market volatility, long-term factors such as negative real interest rates, loose fiscal policies, and geopolitical risks continue to support gold prices at structurally high levels ### Related Stocks - [SGOL.US](https://longbridge.com/en/quote/SGOL.US.md) - [600489.CN](https://longbridge.com/en/quote/600489.CN.md) - [RING.US](https://longbridge.com/en/quote/RING.US.md) - [600547.CN](https://longbridge.com/en/quote/600547.CN.md) - [KGC.US](https://longbridge.com/en/quote/KGC.US.md) - [GLD.US](https://longbridge.com/en/quote/GLD.US.md) - [600714.CN](https://longbridge.com/en/quote/600714.CN.md) - [518850.CN](https://longbridge.com/en/quote/518850.CN.md) - [IAU.US](https://longbridge.com/en/quote/IAU.US.md) - [159562.CN](https://longbridge.com/en/quote/159562.CN.md) - [GOLD.US](https://longbridge.com/en/quote/GOLD.US.md) - [GOAU.US](https://longbridge.com/en/quote/GOAU.US.md) - [GDX.US](https://longbridge.com/en/quote/GDX.US.md) - [UGL.US](https://longbridge.com/en/quote/UGL.US.md) - [AEM.US](https://longbridge.com/en/quote/AEM.US.md) - [NEM.US](https://longbridge.com/en/quote/NEM.US.md) - [GDXJ.US](https://longbridge.com/en/quote/GDXJ.US.md) - [GOEX.US](https://longbridge.com/en/quote/GOEX.US.md) ## Related News & Research - [PRECIOUS-Gold steadies after hitting over 1-1/2-month low on robust yields](https://longbridge.com/en/news/286724682.md) - [PRECIOUS-Treasury yields, dollar weigh on gold amid inflation concerns](https://longbridge.com/en/news/286929968.md) - [PRECIOUS-Gold slips to 1-1/2-month low as Middle East tensions lift oil, cloud rate outlook](https://longbridge.com/en/news/286695654.md) - [J. P. Morgan lowers 2026 gold price forecast](https://longbridge.com/en/news/286714122.md) - [PRECIOUS-Gold edges higher from over 1-1/2-month low but higher yields cap gains](https://longbridge.com/en/news/286745980.md)