Lingbao Gold (03330.HK) saw its shares plummet 6.54% in pre-market trading on Wednesday, as the precious metal retreated from its recent record high. The sharp decline in Lingbao Gold's stock price mirrors a broader selloff in gold-related equities, triggered by a pullback in gold prices from their all-time peak.

Gold prices fell for the second consecutive day after briefly surpassing $3,500 an ounce, a historic milestone. The precious metal's retreat was attributed to profit-taking by investors and improved risk appetite in the broader financial markets. Gold's decline began shortly after reaching its new record, with prices sliding as much as 1.9% in early Asian trading on Wednesday, following a 1.3% drop in the previous session.

The selloff in gold stocks was widespread in Hong Kong, with several companies experiencing significant declines. Wanguo Gold and SD Gold were among the hardest hit, falling 9% and 8% respectively. Tongguan Gold and Chifeng Gold both dropped 6%, while China Gold International Resources matched Lingbao Gold's 5% decline. Analysts suggest that the overbought condition of gold, as indicated by its 14-day relative-strength index, contributed to the profit-taking behavior among investors.