Zijin Gold International's stock plummeted 8.14% at the opening, as gold stocks across the board opened significantly lower.

The sharp decline was triggered by news that US President Trump nominated Kevin Warsh for the position of Federal Reserve Chair, igniting hawkish expectations in the market and leading to a panic sell-off in precious metals. The nomination sparked concerns about tighter monetary policy, which typically weighs on non-yielding assets like gold.

Analysts noted that the "Warsh moment" served as a catalyst for a significant market adjustment, particularly affecting precious metals, following excessive short-term speculation. Market sentiment had become fragile due to the rapid rise in gold prices beforehand, making it susceptible to news-driven changes that triggered concentrated selling by short-term speculators.