--- title: "Understanding the Market | Gold stocks lead the decline, spot gold falls below the $4,200 mark, Citigroup indicates that physical gold purchases may decrease" type: "News" locale: "en" url: "https://longbridge.com/en/news/289258966.md" description: "Gold stocks fell sharply. As of the time of publication, Lingbao Gold dropped 6.51%, trading at HKD 12.93; ZIJIN GOLD INTL fell 5.71%, trading at HKD 102.3; CHIFENG GOLD decreased by 5.32%, trading at HKD 25.62; SD GOLD declined 4.72%, trading at HKD 21. On the news front, on June 10, spot gold fell below USD 4,200 per ounce, hitting a new low in two and a half months. It is reported that U.S. non-farm data released on Friday far exceeded market expectations, raising market expectations for a Federal Reserve interest rate hike. The U.S. CPI data to be released this Wednesday may further impact future gold prices. Citigroup released a research report maintaining a bearish outlook on gold, lowering its target price for the next 0 to 3 months from USD 4,300 per ounce to USD 4,000 per ounce. The report indicated that to maintain the current gold price level, physical gold purchases need to remain at an annual pace of about USD 900 billion. The bank is concerned that if the Strait of Hormuz remains closed throughout the summer, gold purchases may drop to USD 700 billion to USD 750 billion per year, which would mechanically drive gold prices back to levels seen 9 to 10 months ago, around USD 3,500 per ounce" datetime: "2026-06-10T01:56:02.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/289258966.md) - [en](https://longbridge.com/en/news/289258966.md) - [zh-HK](https://longbridge.com/zh-HK/news/289258966.md) --- # Understanding the Market | Gold stocks lead the decline, spot gold falls below the $4,200 mark, Citigroup indicates that physical gold purchases may decrease According to Zhitong Finance APP, gold stocks are among the biggest losers. As of the time of writing, Lingbao Gold (03330) is down 6.51%, trading at HKD 12.93; ZIJIN GOLD INTL (02259) is down 5.71%, trading at HKD 102.3; CHIFENG GOLD (06693) is down 5.32%, trading at HKD 25.62; and SD GOLD (01787) is down 4.72%, trading at HKD 21. On the news front, on June 10, spot gold fell below USD 4,200 per ounce, hitting a new low in two and a half months. It is reported that U.S. non-farm data on Friday far exceeded market expectations, raising market expectations for a Federal Reserve interest rate hike. The U.S. CPI data set to be released this Wednesday may further impact future gold prices. Citigroup released a research report stating that it maintains a bearish outlook on gold and has lowered its target price for the next 0 to 3 months from USD 4,300 per ounce to USD 4,000 per ounce. The report indicates that to maintain the current gold price level, physical gold purchases need to remain at an annual pace of about USD 900 billion. The bank is concerned that if the Strait of Hormuz remains closed throughout the summer, gold purchases may drop to USD 700 billion to USD 750 billion annually, which would mechanically drive gold prices back to levels seen 9 to 10 months ago, around USD 3,500 per ounce ### Related Stocks - [02899.HK](https://longbridge.com/en/quote/02899.HK.md) - [02259.HK](https://longbridge.com/en/quote/02259.HK.md) - [01787.HK](https://longbridge.com/en/quote/01787.HK.md) - [600988.CN](https://longbridge.com/en/quote/600988.CN.md) - [03330.HK](https://longbridge.com/en/quote/03330.HK.md) - [600547.CN](https://longbridge.com/en/quote/600547.CN.md) - [06693.HK](https://longbridge.com/en/quote/06693.HK.md) - [GLDM.US](https://longbridge.com/en/quote/GLDM.US.md) - [GLD.US](https://longbridge.com/en/quote/GLD.US.md) - [IAU.US](https://longbridge.com/en/quote/IAU.US.md) - [GOLD.AU](https://longbridge.com/en/quote/GOLD.AU.md) - [UGL.US](https://longbridge.com/en/quote/UGL.US.md) - [518850.CN](https://longbridge.com/en/quote/518850.CN.md) - [SGOL.US](https://longbridge.com/en/quote/SGOL.US.md) - [C.US](https://longbridge.com/en/quote/C.US.md) - [02919.HK](https://longbridge.com/en/quote/02919.HK.md) - [C-R.US](https://longbridge.com/en/quote/C-R.US.md) ## Related News & Research - [Gold’s near-term outlook remains bearish, chart shows](https://longbridge.com/en/news/289117638.md) - [Citi lowers its near-term gold price target to $4,000 per ounce](https://longbridge.com/en/news/289082842.md) - [PRECIOUS-Gold extends falls on rising Treasury yields](https://longbridge.com/en/news/289118214.md) - [Comex gold settles 1.75% lower at $4260.00](https://longbridge.com/en/news/289228195.md) - [PRECIOUS-Gold steady as lower oil offsets US rate-hike fears](https://longbridge.com/en/news/289163853.md)