On the morning of August 31, precious metals concept stocks fell sharply. Hunan Silver hit the daily limit down, while Xiaocheng Technology, Shengda Resources, and Zhaojin Gold all dropped more than 8%. Spot gold broke below the $4,430 per ounce level, falling 0.55% intraday. In terms of news, international precious metals declined significantly as the market increased bets on a Federal Reserve rate hike this year. Federal Reserve Chair Walsh spoke last week at the Jackson Hole global central bank symposium, sending a clear hawkish signal. He said that if the Fed cannot be confident that underlying inflation is falling 'clearly and fast enough' toward the 2% target, rate hikes remain on the table. Walsh stressed that the Fed's 2% inflation target is a 'firm and fixed' goal. A research note from CSC Financial pointed out that gold went through three rounds of market shifts in 2026, with short-term volatility driven by liquidity positioning, medium- to long-term support coming from global central bank gold purchases and reserve diversification, and disruptions from geopolitical conflicts and Walsh's monetary policy shocks. The report judged that the first round of valuation repair was completed in July, but a second round of trend gains requires substantive Fed easing to materialize. Going forward, the focus should be on three key signals: continued labor market weakness, controllable inflation, and a sustained net inflow trend in North American gold ETFs. In the medium to long term, against the backdrop of technology competition, Fed policy is likely to be easier rather than tighter, and the current gold upcycle has not yet ended.
Zhongrun Resources Investment
Shengda Mining Co Ltd
Chenzhou Jingui Silver Industry Co Ltd
Beijing Fuxing Xiaocheng Electronic Technology Co Ltd