Goldman Sachs has updated its view on China jewelry stocks as gold has fallen from its January peak of $5,595 per ounce to around $4,041 per ounce, warning of rising earnings downside for fiscal 2027 and potentially 2028 if prices stay at current levels. The bank has revised its 2026E/FY27E earnings forecasts to 0%–38% below consensus, while noting upside risk if gold recovers, with a bull case of $5,325 per ounce by Q4 2027. Chow Tai Fook was upgraded from Neutral to Buy with a HK$13.0 target price, representing 20% upside, and trades at 10x PE, matching its historical trough and well below its 20-year average of 16x. Goldman maintained its Buy rating on Laopu Gold despite expecting significant earnings cuts, after a 53% year-to-date pullback left it at 6x consensus PE. Luk Fook was downgraded from Neutral to Sell with a HK$17.9 target price, implying 11% downside, as the bank expects the largest earnings cut among peers, including a 66% year-over-year decline in 2HFY27 and a further 12% contraction in FY28.
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Related tickers and likely impact
PAXG/USDT
▼ Likely negativePAX Gold
Relevance: medium
| Market | Crypto |
|---|---|
| Exchange | Binance |
| Sector | Real-world assets |
| Market cap | $1.8B |
| Close on 10/29/2026 | 4,014.37 |
| Change that session | -1.02% |
XAUT/USDT
▼ Likely negativeTether Gold
Relevance: medium
| Market | Crypto |
|---|---|
| Exchange | Binance |
| Sector | Real-world assets |
| Market cap | $3.2B |
| Close on 10/29/2026 | 4,007.09 |
| Change that session | -1.03% |
XAU/USD
▼ Likely negativeRelevance: medium
| Market | Gold |
|---|---|
| Close on 10/29/2026 | 4,021.63 |
| Change that session | -1.13% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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