On May 27, amid the doldrums of the broader market, the share price of Hunan Gold also experienced a decline. As of 13:24 on the 27th, Hunan Gold fell by 1.54%, closing at 23.04 yuan per share.
When asked, "What are the planned production volumes for the company's self-produced gold, antimony products, and tungsten products in 2025?", Hunan Gold stated on the investor interaction platform on May 27 that,the company plans to produce 72,475 kg of gold, 39,537 mt of antimony, and 1,100 standard mt of tungsten products in 2025.
In 2024, the prices of antimony and gold saw significant increases, substantially boosting the profits of many related enterprises.
1# Antimony Ingotsaw a 70.73% increase in 2024.
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In 2024, antimony prices generally surged. Although prices slightly corrected since mid-October 2024, they remained high, resulting in a notable increase for the entire year. From the historical price trend of SMM 1# antimony ingot: the average price of SMM 1# antimony ingot was 82,000 yuan/mt on December 29, 2023, and 140,000 yuan/mt on December 31, 2024, marking an increase of 58,000 yuan/mt over the year, with a 70.73% increase in 2024.
In 2025, antimony prices continued the upward trend of 2024. On May 27, the latest quote for SMM 1# antimony ingot was 221,500 yuan/mt, a 58.21% increase compared to the average price of 140,000 yuan/mt on December 31, 2024. The year-to-date high of 238,000 yuan/mt represents a 70% increase compared to the average price of 140,000 yuan/mt on December 31, 2024.
After maintaining a firm price at 238,000 yuan/mt for over 20 days, the average price of antimony recently experienced some downward pressure. Although the fundamental supply and demand dynamics in the antimony market have not changed significantly, the substantial suspension of imported ore entering the domestic market has led to a severe shortage of domestic antimony raw materials. Additionally, the overall inventory of antimony products among domestic manufacturers is at historically low levels, prompting manufacturers to maintain stable pricing. In the domestic antimony end-use market, orders for both flame retardants and PV-related antimony products have remained basically stable. Although there has been no recent improvement in orders from the end-use sector, they have not deteriorated either, with a generally good pace of just-in-time procurement. However, due to the recent interplay of bullish and bearish market news, the sentiment in the retail investment market has become chaotic, leading to the entry of some low-priced supplies into the market and causing antimony prices to decline since May 15.
Gold prices maintain an overall upward trend, with COMEX gold up nearly 27% year-to-date
Following a 13.45% increase in 2023, COMEX gold surged by 27.39% in 2024. Since the beginning of this year, it has repeatedly hit record highs, reaching a peak of $3,509.9 per ounce. With the temporary suspension of US-EU tariff disputes and a rebound in market risk appetite, gold prices experienced a slight correction. However, recent fluctuations in US trade policies and market concerns about the US fiscal outlook have limited the downside room for gold prices. As of 14:33 on May 27, COMEX gold fell by 1.22%, closing at $3,353.2 per ounce, with a year-to-date increase of 26.97% in 2025.
Regarding the outlook for gold prices, multiple institutions have the following views:
Jinyuan Futures stated that despite the temporary easing of the US-EU trade war, there is still significant uncertainty in subsequent trade negotiations. The global economic outlook remains unclear, and geopolitical risks are frequent. Investors tend to seek more stable asset allocations, and it is expected that gold prices will maintain a fluctuating trend at highs in the short term.
Citi has raised its 0-3 month target price for gold to $3,500 per ounce, and expects gold prices to consolidate between $3,100 and $3,500 per ounce.
For gold prices at the end of this year and next year, Ningxia Ruiyin Lead Resource Recycling Co., Ltd. maintains a forecast of $3,500 per ounce, with the peak possibly reaching $3,600 per ounce by mid-2026. This is due to considerations of downside risks to economic growth, and the possibility that the US Fed may continue to ease monetary policy.
A report previously released by the World Gold Council showed that global gold prices hit record highs 20 times in Q1. Affected by this, the total global gold jewelry consumption decreased by 21% YoY, reaching its lowest point since 2020. However, there was a significant increase in gold investment demand. In Q1, the global gold investment demand was 551.9 mt, a substantial increase of 170% YoY. This indicates that against the backdrop of gold prices repeatedly reaching new highs, global gold jewelry demand has declined, but gold as an investment product is more favored.
