HK Stock Market Move | Gold stocks generally opened lower, the Federal Reserve cut interest rates by 50 basis points, and overnight gold prices surged and then fell back.

Gold stocks generally opened lower. As of the time of writing, Shandong Gold Mining (01787) fell by 4.23% to HK$15.4; CHINAGOLDINTL (02099) fell by 2.51% to HK$31.05; Zijin Mining Group (02899) fell by 0.13% to HK$15.08. On the news front, the Federal Reserve cut interest rates by 50 basis points and hinted at another 50 basis point cut later this year. However, Federal Reserve Chairman Powell stated that there is no rush to ease policy. Powell said that the Federal Reserve is not in a hurry to cut rates and warned against viewing large rate cuts as the future norm. Overnight, gold prices surged and then fell, dropping by nearly $50 after hitting record highs. However, institutions believe that with the gradual easing of interest rates overseas, the outlook for precious metal prices remains optimistic.