KUALA LUMPUR (Jan 9): Poh Kong Holdings Bhd's share price retreated this morning after having surged to close at its 27-month high of 70.5 sen on Wednesday, as gold prices pulled back with investors betting on a de-escalation of tensions between the US and the Middle East.

At 10.45am, the stock was trading 6.5 sen or 9.22% lower at 64 sen after 13.8 million shares crossed, to now value the gold and gemstones jewellery retail chain at RM264.68 million.

In comparison, Tomei Consolidated Bhd suffered a bigger blow as the stock fell 12.61% to 52 sen at the time of writing, bringing it a market capitalisation of RM72.07 million.

Both of the precious metal-related stocks were among Bursa Malaysia's top decliners this morning. The broader market is seeing a much better trading day today with gainers outstripping decliners by three times with most stocks recovering from yesterday's selldown amidst concerns of the Iran-US crisis.

The gold market sold off and settled lower for the first time in 11 sessions, after US President Donald Trump's speech on Wednesday indicated that Iran appears to be "standing down", temporarily reducing fears of a heightening tension between Washington and Tehran.

Spot gold now trades at US$1,559.44 per ounce after having surged past US$1,600 earlier yesterday for the first time in nearly seven years following Iran's missile attack at US-Iraq air bases.

Meanwhile, US gold futures settled at US$1560.60 at the point of writing, Bloomberg data shows.