Gold prices plunged sharply, tumbling as much as 5.9% during late-night trading, with E Fund (HK) Solactive Global Gold Miner Select Index ETF (02824.HK) opening down nearly 8%.

NewTimeSpaceWire:On January 29, spot gold touched a record high of $5,598.75 per ounce before plunging as much as 5.9% during late-night trading, hitting an intraday low of $5,097.36 per ounce. E Fund (HK) Solactive Global Gold Miner Select Index ETF (02824.HK) opened down nearly 8%.

According to HKEX data, E Fund (HK) Solactive Global Gold Miner Select Index ETF (02824.HK) tracks the Solactive Global Gold Mining Select Index, which covers Hong Kong-listed gold mining companies eligible for Stock Connect trading, including leading Chinese miners such as Zijin Mining, Zhaojin Mining, Shandong Gold, Chifeng Gold, and Lingbao Gold.

The fund anchors equity exposure to global gold mining assets, combining commodity attributes with equity earnings leverage. Against the backdrop of gold prices breaching historical extremes, the high-beta characteristics of "miners' equities" warrant particular attention.

Recently, multiple listed companies issued risk warnings: Chifeng Gold stated in its announcement that the cumulative surge in gold product market prices is expected to impact the company's operating performance, while reminding investors that the company's share price is at historical highs with elevated turnover recently. Sichuan Gold indicated that its gold concentrate product prices are highly sensitive to gold price volatility, and significant fluctuations in future gold prices could materially affect operating performance. China Gold stated that "the share price surge has significantly deviated from the index," explicitly warning that trading is characterized by "excessive market sentiment, posing risks of sharp corrections following substantial short-term gains."

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