LAOPU GOLD (06181) experienced a sharp decline of 5.06% in pre-market trading on Wednesday, as gold prices retreated from record highs. The plummet in LAOPU GOLD's stock price aligns with the broader trend in the gold market, which saw the precious metal fall for a second consecutive day after reaching an all-time high of $3,500 an ounce.
The pullback in gold prices can be attributed to profit-taking by investors and improved risk appetite in the market. Gold futures slid as much as 1.9% in early Asian trading, following a 1.3% decline in the previous session. The retreat was further fueled by conciliatory gestures from US President Donald Trump towards China and the Federal Reserve, which helped stabilize bonds and the dollar while boosting equities.
The downward trend in gold prices has affected various gold-related stocks in Hong Kong. Other notable declines include Wanguo Gold (-9%), SD Gold (-8%), and Tongguan Gold and Chifeng Gold (both -6%). The widespread impact on gold stocks suggests that LAOPU GOLD's plummet is part of a sector-wide correction following the recent surge in gold prices throughout April.
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