HK Stock Market Move | Gold stocks continue to trend lower, with gold prices fluctuating and falling to near the $2600 level. JP Morgan remains optimistic about the future upward trend.

The golden stocks continue their downward trend. As of the reporting time, LINGBAO GOLD (03330) fell by 2.95% to 2.96 Hong Kong dollars; Zijin Mining Group (02899) fell by 2.4% to 14.62 Hong Kong dollars; CHINAGOLDINTL (02099) fell by 2.34% to 31.35 Hong Kong dollars; Shandong Gold Mining (01787) fell by 1.61% to 13.42 Hong Kong dollars. On the news front, as of November 13th, the international gold price started to fluctuate near the $2600 per ounce level. Gold futures prices continued to decline for the fourth trading day in the past five trading days, as commodities priced in dollars, including gold, remained under pressure after Trump's victory. Analysts say that the rise in US Treasury yields and the strength of the US dollar (the US dollar index has risen to a four-month high) have dampened investors' interest in non-yielding gold. However, from a long-term perspective, strategists such as Bill Peterson of J.P. Morgan believe that the decline in gold is "a setback, not a major change," even though the decline in gold prices "contradicts our expectations and the market consensus." Peterson wrote: "Overall, we remain bullish on gold, viewing it as a good hedge during the early stages of the new government, and continue to expect the average quarterly price of gold to rise to $2850 per ounce in the fourth quarter of the 25th year."