Shares of Zijin Mining Group Co., Ltd. (02899) plummeted by 5.04% on Wednesday, hitting an intraday low of HK$15.76, the lowest level since September 20. The sharp decline in the Chinese gold miner's stock price was led by a broader slide in the gold mining sector, which was triggered by a drop in global gold prices.
Gold prices touched a more than three-week low on Thursday, as the U.S. dollar strengthened after Donald Trump's surprise win in the U.S. presidential election. The greenback's rally came ahead of the Federal Reserve's interest rate decision, with traders expecting a 25 basis point rate cut. Investors were closely monitoring Fed Chair Jerome Powell's statement for any guidance on the future rate path.
Other Hong Kong-listed gold miners also suffered significant losses, with Shandong Gold Mining Co., Ltd. (00600) falling 2.1% and Lingbao Gold Co., Ltd. (03330) slipping 0.9%. The broader Hong Kong and Chinese stock markets were mixed, with the Hang Seng Index rising 1.2% and the Shanghai Composite Index gaining 0.9%.
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