Gold mining stock ETFs fell by three to four percentage points, Newmont Mining, Chifeng Gold, and E Fund Gold Mining ETF all dropped by two to three percentage points. Gold miners as a whole retreated today; ChinaAMC Digital Gold basically didn't move. The pressure comes from a strong US dollar—the US Dollar Index reached about 99.4, a two-month high, putting pressure on gold pricing. As leveraged proxies for gold prices, miners fell more than the metal itself. The safe-haven premium in this round of gold was squeezed out first in the face of a strong dollar. The elasticity of miners is a double-edged sword at this time: they surge sharply when gold prices rebound, and also fall deeper when they pull back.
3418.HK Flash News: Hong Kong Gold Central Clearing System Begins Trial Operation Today
On July 7, Hong Kong Chief Executive John Lee Ka-chiu stated that Hong Kong's Gold Central Clearing System began trial operation today, and they are considering developing new RMB gold futures contracts and providing tax incentives for gold trading to institutional investors. To support the launch of the new system and simultaneously activate the local gold futures market, the Hong Kong Exchanges and Clearing Limited announced an exemption of gold futures-related fees starting July 6, with the exemption period lasting one year...




















