$ZIJIN GOLD INTL(02259.HK) fell four points, $MERDEKAGOLD-DRS(06228.HK) fell more than five points, and $LAOPU GOLD(06181.HK) fell five points — all three are falling, but the drivers are different. Both $ZIJIN GOLD INTL(02259.HK) and $MERDEKAGOLD-DRS(06228.HK) are gold mining companies. Gold prices have been consolidating at high levels for two weeks, and the sentiment premium for miners has peaked and started to retreat. $LAOPU GOLD(06181.HK) is a different story, closer to high-end brand channel inventory pressure.

The miners' retreat looks like sentiment digestion, while the luxury goods side seems more like a fundamental inflection point. Which of these two lines will rebound first? It looks more like the miners — if the gold price center rises another notch, the sentiment premium will return. For luxury goods consumption, channel data needs to wait for store disclosures in the second half of the year to make a good judgment.