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Shares of Chinese gold mining companies are trading lower, with Zijin Mining down 3%, China Gold International down more than 2%, Shandong Gold Mining down 2%, Zhaojin Mining slightly lower.
Gold prices fell on Wednesday, weighed down by an uptick in the dollar and US Treasury yields after minutes from the Federal Reserve’s June policy meeting cemented expectations that rates will stay higher for longer.
US Federal Reserve officials signalled they intend to resume interest rate hikes amid a growing consensus that more tightening is needed to stamp out high inflation in the world’s largest economy.
According to minutes from June’s meeting of the Federal Open Market Committee, “almost all” officials who participated said “additional increases” in the Fed’s benchmark interest rate would be “appropriate”. They added the “tight” labour market and “upside risks” to inflation were still “key factors” shaping the outlook nearly a year and a half after the US central bank embarked on an aggressive cycle of interest rate rises to tame price pressures.
