{"id":63641,"date":"2026-06-23T20:38:15","date_gmt":"2026-06-24T00:38:15","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/bessent-optimistic-on-ai-growth-as-gold-slumps-amid-tech-led-liquidation\/63641\/"},"modified":"2026-06-23T20:38:15","modified_gmt":"2026-06-24T00:38:15","slug":"bessent-optimistic-on-ai-growth-as-gold-slumps-amid-tech-led-liquidation","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/bessent-optimistic-on-ai-growth-as-gold-slumps-amid-tech-led-liquidation\/63641\/","title":{"rendered":"Bessent Optimistic on AI Growth as Gold Slumps Amid Tech-Led Liquidation"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong><a href=\"https:\/\/stockmarketwatch.com\/metal\/gold\" data-internallinksmanager029f6b8e52c=\"4\" title=\"gold price today\">Gold prices<\/a> plummeted below $4,100 an ounce<\/strong>, driven by a massive tech-led global selloff that forced investors to liquidate bullion to cover losses in other asset classes.<\/li>\n<li><strong>U.S. Treasury Secretary Scott Bessent<\/strong> signaled strong confidence in AI-driven productivity, stating the administration is already seeing tangible economic benefits from the technology.<\/li>\n<li><strong>SK Hynix (<a href=\"\/stock\/000660\">000660<\/a>) and Samsung Electronics (<a href=\"\/stock\/005930\">005930<\/a>)<\/strong> continued their massive rallies, with SK Hynix recently overtaking Samsung in market capitalization for the first time in 26 years due to AI chip demand.<\/li>\n<li><strong>Dye &amp; Durham (<a href=\"\/stock\/DND\">DND<\/a>)<\/strong> announced an immediate leadership overhaul, with CEO George Tsivin stepping down as a board-led &quot;Transformation Committee&quot; takes interim control.<\/li>\n<li><strong>Creditors have seized two major Hong Kong hotels<\/strong>\u2014the Sheraton and Four Points by Sheraton in Tung Chung\u2014launching a formal tender to recover losses following a <strong>HK$4.5 billion<\/strong> loan default.<\/li>\n<\/ul>\n<h2>Treasury and Fed Outlook<\/h2>\n<p>U.S. Treasury Secretary <strong>Scott Bessent<\/strong> expressed confidence that inflation is on a path back to the <strong>2% target<\/strong>, emphasizing that both the administration and the Treasury recognize the critical role of the bond market. Bessent also voiced support for <strong>Federal Reserve Chair Kevin Warsh<\/strong>, noting that the central bank leader is well-positioned to balance aggressive economic growth with price stability.<\/p>\n<p>The Treasury Secretary underscored the administration&#39;s optimism regarding <strong>Artificial Intelligence<\/strong>, describing it as a primary driver for future productivity. Bessent noted that the U.S. currently holds a significant lead in AI development, which provides a strategic advantage in global economic statecraft and ongoing safety protocol discussions with international partners.<\/p>\n<h2>Global Market Turmoil and Gold Liquidation<\/h2>\n<p>The precious metals market faced &quot;Black Tuesday&quot; as <strong>spot gold fell 2.26%<\/strong> to trade below the <strong>$4,100 per ounce<\/strong> threshold. The decline was exacerbated by a sharp retreat in high-valuation technology stocks, including <strong>Nvidia (<a href=\"\/stock\/NVDA\">NVDA<\/a>)<\/strong>, which triggered cross-market liquidation as investors sold bullion to meet margin calls and cover equity losses.<\/p>\n<p>Additional pressure on gold stems from a strengthening <strong>U.S. Dollar<\/strong> and hawkish signals from the Federal Reserve. Markets are increasingly pricing in the possibility of further rate hikes under <strong>Chair Kevin Warsh<\/strong>, which raises the opportunity cost of holding non-yielding assets like gold. Analysts at <strong>Deutsche Bank<\/strong> and <strong>Goldman Sachs<\/strong> have recently lowered their year-end gold price targets in response to these shifting monetary expectations.<\/p>\n<h2>Corporate Developments and Regional Markets<\/h2>\n<p>In the technology sector, South Korean chipmakers <strong>SK Hynix (<a href=\"\/stock\/000660\">000660<\/a>)<\/strong> and <strong>Samsung Electronics (<a href=\"\/stock\/005930\">005930<\/a>)<\/strong> surged <strong>5%<\/strong> and <strong>6%<\/strong> respectively, continuing a rally fueled by the global AI boom. <strong>SK Hynix<\/strong> recently hit a milestone by surpassing <strong>Samsung<\/strong> in market value, driven by its dominant <strong>61% market share<\/strong> in high-bandwidth memory (HBM) chips supplied to major AI players.<\/p>\n<p>In corporate news, Canadian legal software provider <strong>Dye &amp; Durham (<a href=\"\/stock\/DND\">DND<\/a>)<\/strong> announced that <strong>George Tsivin<\/strong> has stepped down as CEO and board member effective immediately. A <strong>Transformation Committee<\/strong>, chaired by <strong>Tyler Proud<\/strong>, will manage executive responsibilities while the board searches for a permanent successor to restore market confidence and improve execution.<\/p>\n<p>Meanwhile, in Hong Kong, a syndicate of banks led by <strong>HSBC (<a href=\"\/stock\/HSBC\">HSBC<\/a>)<\/strong> has moved to sell the <strong>Sheraton Hong Kong Tung Chung<\/strong> and <strong>Four Points by Sheraton<\/strong> hotel complex. The 1,219-room property, the city&#39;s third-largest by room count, is being sold via tender after owner <strong>Shimao Group<\/strong> defaulted on a <strong>HK$4.5 billion<\/strong> loan. The sale reflects a broader trend of lenders taking decisive action to clear distressed commercial real estate assets amid a prolonged market downturn.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways Gold prices plummeted below $4,100 an ounce, driven by a massive tech-led global selloff that forced investors to 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