This morning, gold is on the hot search again! But this time it’s not because of the big rise, but because of the plummeting…
Netizens who bought it yesterday said, "I'm happy to raise 3 lower limits today."
This morning, both gold and silver fell sharply. Spot gold's intraday decline expanded to 4%, at $5,139.38 per ounce. Spot silver fell more than 5% during the day and is currently trading at $108.90 per ounce.
On January 30, the three major A-share indexes collectively opened lower. As of around 10 o'clock, the declines were all over 1%. Gold and basic metal sectors led the decline, and individual stocks are now trading at their lowest limit. Many stocks including Baiyin Nonferrous Metals, Xingye Silver and Tin, Yuguang Gold and Lead, CICC Gold, and Shengda Resources fell by the limit. Hunan gold bucked the trend and hit the daily limit, recording 5 consecutive gains. On the news, spot gold and silver are all green.
On the evening of January 29, many high-level precious metal stocks such as Baiyin Nonferrous Metals, Western Gold, Zhaojin Gold, and China Gold made emergency announcements to warn of risks.
Affected by international gold prices, the prices of domestic brand gold jewelry have also fallen. On January 30, a comparison of domestic gold jewelry prices showed that Chow Sang Sang quoted 1,683 yuan/gram, Chow Tai Fook quoted 1,685 yuan/gram, Lao Fengxiang quoted 1,668 yuan/gram, and Lao Miao gold quoted 1,690 yuan/gram.
Chow Sang Sang gold price today
Chow Tai Fook gold price today
According to 21st Century Business Herald, there are various signs that the recent market speculation on gold and silver-related stocks has gradually deviated from their fundamentals and become more emotional.
Correspondingly, the risk of high fluctuations in the precious metals sector is also increasing rapidly. While the above-mentioned gold stocks continue to rise by the daily limit, some performance trends are negatively correlated with gold prices, and individual stocks whose rising logic is not solid have also fallen first.
Source: Chengshi Interactive·City Express Comprehensive Report
