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Gold Miners Depressed amid Higher Rate Hike Expectation; ZIJIN MINING Dives 4%+; BofA Axes 2026 Gold Price Forecast by 14%
2026-07-09 11:21:01 The minutes of the Federal Reserve's June policy meeting revealed that several officials expressed concern about persistently mounting inflationary pressures, believing that price increases gradually spread to more sectors, whereas some officials even advocated for an immediate interest rate hike. According to the CME Group's FedWatch tool, the market lately estimated an about 69% probability of a Fed rate hike in September, up from 62% the previous day, reflecting a continued rise in investor expectations of a more hawkish monetary policy. The US launched airstrikes against Iran for the second consecutive day. Spot gold last quoted at US$4,059 per ounce, down nearly 0.5%. Bank of America issued a report expecting the Fed's policy stance to be more hawkish than before, thus lowering its 2026 average gold price forecast by 14% to US$4,360 per ounce. However, the broker still believed that once the current monetary tightening cycle ends, gold prices could still reach US$5,000 per ounce. HK-listed gold miners descended this morning (9th) along with the broader market. Blue-chip ZIJIN MINING (02899.HK) last traded at HK$28.48, down 4.24%, with a turnover of HK$657 million; its subsidiary, ZIJIN GOLD INTL (02259.HK), last logged at HK$96.3, down 7.67%, with a turnover of HK$458 million. LINGBAO GOLD (03330.HK) last posted at HK$13.92, down 8.6%, with a turnover of HK$209 million. ZHAOJIN MINING (01818.HK), CHINAGOLDINTL (02099.HK), SD GOLD (01787.HK), WANGUO GOLD GP (03939.HK), and CHIFENG GOLD (06693.HK) nosedived 5-7.2%. ~ AAStocks Financial News Web Site: www.aastocks.com | |