Spot gold traded above $4,200/oz in early trade, hitting a two-week high and rising 0.6% intraday.

CITIGROUP cut its PT for MINIMAX-W (00100.HK) to HK$533 from HK$1,330 and maintained a Buy rating, citing a recent share pullback likely tied to pricing controversy around the M3 model released in early June and tepid market reaction. The bank flagged negative sentiment and uncertainty around user retention and monetization as near-term pressures, and added the stock to a 30-day short-term down-watch, warning volatility could rise when the first tranche lock-up expires on July 9 despite voluntary 12-month lock-ups by the founder, Alibaba and miHoYo. CITIGROUP noted an upcoming Hailuo 3 release could, if it draws stronger feedback, help alleviate these headwinds.

New York gold futures rose more than 1.0% intraday to $4,167.10/oz.