HK Stock Market Move | Chifeng Jilong Gold Mining (06693) fell more than 4% in the morning, with second-quarter net profit expected to decline by 19% to 27% quarter-on-quarter.

Chifeng Jilong Gold Mining (06693) fell more than 4% in the morning, as of the time of writing, it fell 4.16% to HK$27.66, with a turnover of HK$1.09 billion. In terms of news, Chifeng Jilong Gold Mining announced that it is expected to have a net profit of 1.7 billion to 1.78 billion in the first half of the year, an increase of 54% to 61% year-on-year. The main reason for the performance change is the significant increase in the price of gold compared to the same period last year, with the average selling price of gold rising by about 43% year-on-year, while the company continues to strengthen production organization and operational management. Calculated, the net profit for the second quarter is expected to be 712 million to 792 million, with a quarter-on-quarter decrease of 19% to 27%. Guosen said that in the short term, the precious metals industry in 2026 is influenced by factors such as the escalation of oil prices due to the US-Iran conflict, the return of inflation expectations, and the unexpected increase in US employment data leading to a shift in the Fed's policy expectations. The gold price is temporarily under pressure, falling to the 4000-4200 US dollars per ounce range, but the long-term logic remains solid, with global central banks continuing to increase their gold holdings. In the first quarter of 2026, the amount of gold purchased by central banks reached 243.7 tons, with the Chinese central bank increasing its gold holdings for 20 consecutive months.