On June 10, Zijin Gold International fell 4.52% in regular trading, trading at 103.3 HKD/share, with trading volume of 35.18 million HKD. The gold sector extended its broad weakness, with Zhaojin Mining down 5.27%, Lingbao Gold down 5.21%, SD Gold down 4.81%, and Chifeng Gold down 4.73%.
On the news front, the US Bureau of Labor Statistics reported May non-farm payrolls surged by 172,000, nearly double the market consensus of 88,000 and well above April's 115,000. The data triggered a sharp repricing of Fed policy expectations, with the 10-year US Treasury yield spiking to 4.55% and spot gold breaking below $4,300/oz for the first time since March. Goldman Sachs economists no longer expect the Fed to cut rates this year, pushing their final two rate cut forecasts to mid and late next year.
Meanwhile, the world's largest gold ETF continued its persistent reduction in holdings, while CFTC non-commercial net long positions fell to a near two-year low, indicating leveraged funds are actively de-risking. Gold pricing dynamics have shifted decisively back toward monetary tightening expectations, placing sustained downward pressure on both bullion and gold equities.
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