LAOPU GOLD (06181) saw its stock price plummet by 5.06% in Wednesday's trading session, as the broader gold market experienced a significant pullback. The decline comes as gold prices fell for the second consecutive day after reaching a record high of $3,500 an ounce, prompting investors to book profits.
The precious metal's retreat was triggered by improving risk appetite in the market, with equities bouncing back and bonds and the dollar stabilizing. Gold prices started to decline shortly after hitting the new all-time high on Tuesday, with bullion sliding as much as 1.9% in early Asian trading on Wednesday. The 14-day relative-strength index for gold had indicated that the asset was overbought, further encouraging profit-taking among investors.
LAOPU GOLD's sharp decline is part of a broader trend affecting gold stocks in Hong Kong. Other notable drops include Wanguo Gold falling 9%, SD Gold down 8%, and Tongguan Gold and Chifeng Gold both declining 6%. The sector-wide downturn underscores the close relationship between gold mining companies' stock performance and the underlying commodity price movements.
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