QN: HK Gold Shrs Down;Gold Price Support At $900 -CPY `
1056 [Dow Jones] HK gold stocks lower on profit-taking, tracking weakness in spot gold price, with metal trading at around $915-$920/oz level, after hitting above $1,000 on Feb. 20. "Recent correction was initially triggered by options-related selling in the future market due to profit-taking and reported increase in gold scrap supply," says Core Pacific-Yamaichi. But adds, selloff has been partially offset by physical gold buyers, driven by a flight to safety, helping to support gold price at above $900/oz level. Keeps Overweight on China gold sector. Within sector, Zijin (2899.HK) down 2.7% at HK$4.33, Zhaojin (1818.HK) down 4.4% at HK$8.25. Duo up 4.5%-6.7% month-to-date, vs HSI's 11.5% decline during same period.(SUT) Contact us in Singapore. 65 64154 140; MarketTalk@dowjones.com
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