According to the Zhitong Finance APP, gold stocks are among the biggest losers. As of the time of publication, China Gold International (02099) is down 7.2%, trading at HKD 152; Zijin Mining International (02259) is down 6.36%, trading at HKD 172.3; Lingbao Gold (03330) is down 5.45%, trading at HKD 26; and Zijin Mining (02899) is down 4.98%, trading at HKD 35.48.
On the news front, data released by the U.S. Bureau of Labor Statistics on the 18th showed that the Producer Price Index (PPI) for February in the U.S. rose significantly above expectations both month-on-month and year-on-year, indicating renewed inflationary pressures in the U.S. Traders further lowered their bets on interest rate cuts by the Federal Reserve this year, leading to a slight increase in the U.S. dollar index, which put pressure on the prices of gold, silver, and other precious metals.
Additionally, the Federal Reserve announced that it would keep the federal funds rate range unchanged at 3.50%—3.75%, in line with market expectations. According to the latest dot plot, the Federal Reserve's decision-makers expect to cut rates once this year and again in 2027, but the specific timing remains unclear. Against the backdrop of high oil prices, Powell maintained a cautious hawkish stance, stating that U.S. inflation is stubborn and uncertainty is rising; if there is no progress on inflation, there will be no rate cuts. He also mentioned that several Federal Reserve officials prefer to reduce the number of future rate cuts

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Gold stocks fell significantly, with China Gold International down 7.2% and Zijin Mining International down 6.36%. U.S. PPI data exceeded expectations, inflationary pressures increased, and traders lowered their expectations for Federal Reserve rate cuts, leading to a slight rise in the dollar and pressure on precious metal prices. The Federal Reserve kept interest rates unchanged, and Powell indicated that inflation is stubborn, suggesting that future rate cuts may be reduced

- Gold stocks fell significantly, with China Gold International down 7.2% and Zijin Mining down 6.36%.  
- The U.S. Bureau of Labor Statistics reported a surprising rise in the Producer Price Index, intensifying inflation concerns and impacting gold and silver prices.  
- The Federal Reserve maintained its federal funds rate and indicated a cautious approach to interest rate cuts, with some officials favoring fewer cuts due to persistent inflation.

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Understanding the Market | Gold Stocks Lead the Decline, Federal Reserve Remains Hawkish and Holds Steady, Inflation Pressure May Squeeze Rate Cut Space