Global precious metals prices have continued to slide sharply since last Friday, dragging down equity markets worldwide, with China's Shanghai Composite, Shenzhen Component, and ChiNext indices all falling on Monday, reported Timothy Pope, a market analyst for China Global Television Network (CGTN).
The benchmark Shanghai Composite Index down 2.48 percent to 4,015.75 points.
The Shenzhen Component Index closed 2.69 percent lower at 13,824.35 points.
The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, dropped 2.46 percent to close at 3,264.11 points.
"The precious metals prices around the world have been melting since Friday, and taking equities with them. Today, the Shanghai Composite Index was down 2.5 percent. That follows Friday's falls. But, the losses today were actually a bit more broad based, because the Shenzhen Component shed 2.7 percent and the ChiNext board changed direction too. It had still been gaining on Friday, but today it also fell 2.5 percent," he said.
"Looking at gold to start with, the Shanghai Gold Equities Index was down by 9 percent today, compounding Friday's 9 percent slump. And, nearly all listed gold miners were down by their daily limits -- I think 10 percent across the board. Spot gold and silver, as you said, down very heavily again today," the analyst said.
Chinese stocks close lower as precious metals tumble: analyst
