Gold stocks saw their losses widen during the afternoon session. At the time of writing, Chifeng Gold (06693) fell 5.54% to HK$29.32; SD GOLD (01787) dropped 3.69% to HK$36.5; CHINAGOLDINTL (02099) declined 2.94% to HK$158.4; and ZIJIN GOLD INTL (02259) decreased 2.14% to HK$146.3. The move comes as precious metals experienced a broad-based plunge on Wednesday, with spot silver falling over 3%, spot gold dropping more than 1%, spot palladium declining over 5%, and spot platinum tumbling more than 8%. In its latest research report, UBS stated that the recent rally in gold prices lacks solid fundamental backing, suggesting the December surge was not driven by gold-specific positive factors but rather merely "hitched a ride on the explosive moves in silver, platinum, and palladium." The bank's models indicate that the relationship between gold and real interest rates has broken down, and with no new catalysts, the residual has accelerated significantly, which typically serves as a precursor to a correction. Notably, starting this Thursday, the Bloomberg Commodity Index will begin adjusting the weightings of various commodities. Changjiang Securities noted that given the substantial gains in precious metals, passive tracking funds might sell off some contracts to align with the new weight allocations, although the overall trend of increasing allocations remains intact.