Changes in Hong Kong stocks | Gold stocks declined in the afternoon, precious metals jumped across the board, and UBS says it is wary of short-term gold pullbacks

The Zhitong Finance App learned that the decline in gold stocks increased in the afternoon. As of press release, Chifeng Gold (06693) fell 5.54% to HK$29.32; Shandong Gold (01787) fell 3.69% to HK$36.5; China Gold International (02099) fell 2.94% to HK$158.4; Zijin Gold International (02259) fell 2.14% to HK$146.3.

According to news, precious metals dived across the board on Wednesday. Spot silver fell more than 3%; spot gold fell more than 1%; spot palladium fell more than 5%, and spot platinum fell more than 8%. According to UBS's latest research report, the “success” of the rise in gold prices was insufficient. This wave of the December market was not driven by gold's own independent advantages, but simply “ridden the explosion of silver, platinum, and palladium.” The model shows that the relationship between gold and real interest rates has broken down, and in the absence of new news incentives, the residual has accelerated significantly. This is usually a precursor to a correction.

It is worth noting that starting this Thursday, the Bloomberg Commodity Index will begin to adjust the weights of various commodities. Changjiang Securities, on the other hand, said that since precious metals have risen sharply before, passive tracking funds may sell off some contracts to match the new weight allocation. The trend of additional allocations has not changed.