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Yesterday was "Black Monday"!

The panic caused by the plunge in Japanese and South Korean stocks has spread to European and American markets, and U.S. stocks fell across the board at the opening.

The gold market was also dragged down, with gold prices fluctuating downward.Gold even fell nearly $100 at one point, falling below $2,390 an ounce during the session for the first time since July 30, a 2% drop in the day and more than $68 from its intraday high.。Spot silver fell below the $27 mark for the first time since May 6, with a 6% drop in the day。

On August 5, the stocks of many listed gold and jewelry companies fell sharply, including Zijin Mining, Laopu Gold, Power Diamond, China Ordnance Red Arrow, and Yellow River Cyclone. Among them, Laopu Gold fell 6%, a large drop. On August 6, Hong Kong precious metal stocks fell against the market trend, Shandong Gold and Zhaojin Mining fell nearly 3%, and China Gold International, Zijin Mining and other stocks weakened.

Global stock market bloodbath triggers gold sell-off

But what is somewhat abnormal is that while the U.S. stock market has fallen sharply, the prices of safe-haven assets such as precious metals have also fallen sharply, forming a deep V trend. The main reason is that the wider market sell-off triggered by intensified economic concerns has occurred around the world.