Market Insight | Gold stocks generally open low, Fed cuts interest rates by 50 basis points, overnight gold prices surge and fall back
Gold stocks generally opened lower. As of the time of publication, SD GOLD fell by 4.23% to HKD 15.4; CHINAGOLDINTL fell by 2.51% to HKD 31.05; Zijin Mining fell by 0.13% to HKD 15.08. On the news front, the Federal Reserve cut interest rates by 50 basis points and hinted at another 50 basis points cut later this year. However, Federal Reserve Chairman Powell stated that there is no rush to ease policy. Powell mentioned that the Federal Reserve is not in a hurry to cut rates and warned against viewing significant rate cuts as a regular future rhythm. Overnight, gold prices surged and then fell back, dropping nearly $50 after hitting record highs. Nevertheless, institutions believe that with overseas countries gradually entering an interest rate cut cycle, the outlook for precious metal prices remains optimistic
According to the Wise Finance app, gold stocks generally opened lower. As of the time of publication, SD GOLD (01787) fell by 4.23% to HKD 15.4; CHINAGOLDINTL (02099) fell by 2.51% to HKD 31.05; Zijin Mining (02899) fell by 0.13% to HKD 15.08.
On the news front, the Federal Reserve cut interest rates by 50 basis points and hinted at another 50 basis points cut later this year. However, Federal Reserve Chairman Powell stated that there is no rush to ease policy. Powell mentioned that the Fed is not in a hurry to cut rates and warned against viewing significant rate cuts as a regular future rhythm. Overnight, the gold price surged and then fell back, dropping nearly $50 after hitting a new historical high. Nevertheless, institutions believe that with overseas countries gradually entering an interest rate cut cycle, the outlook for precious metal prices remains optimistic