CHIFENG GOLD (06693) experienced a significant downturn in the stock market, with its shares plummeting by 9.96% during Monday's trading session. This sharp decline comes amid a broader selloff in the precious metals market, particularly affecting gold-related stocks.

The dramatic fall in CHIFENG GOLD's stock price appears to be directly linked to the simultaneous drop in spot gold prices. According to recent market data, spot gold fell by 3%, breaking below the $3220 per ounce mark. This substantial decrease in the price of gold has sent shockwaves through the gold mining sector, with CHIFENG GOLD being notably impacted.

As a major player in the gold mining industry, CHIFENG GOLD's profitability and stock performance are closely tied to gold prices. The company's shares reacted more severely than the spot gold price itself, suggesting investors may be recalibrating their expectations for the company's near-term financial performance. Market observers will be closely watching both gold prices and CHIFENG GOLD's stock in the coming days to see if this downward trend continues or if there's a potential for recovery.