HK Stock Market Move | Gold stocks collectively fall, Powell reiterates "no rush to cut interest rates", market pays attention to US inflation data

Gold stocks collectively fell, as of the time of writing, LINGBAO GOLD (03330) fell by 3.65% to HK$5.02; CHINAGOLDINTL (02099) fell by 2.9% to HK$46.95; Shandong Gold Mining (01787) fell by 2.36% to HK$15.7; Zijin Mining Group (02899) fell by 1.22% to HK$16.18. On the news front, after hitting a series of new highs, the price of gold fell, with spot gold trading at $2887 per ounce at the time of writing. Previously, due to safe-haven demand, spot gold once broke through $2942 during Tuesday's trading session. Federal Reserve Chairman Powell reiterated at a Congressional hearing that they are "not in a rush to cut interest rates," emphasizing a strong economy and inflation above target, which suppressed market expectations of a short-term rate cut. The current focus of the market is on U.S. January inflation and retail sales data. Huatai pointed out that although gold may face volatility after a strong appreciation driven by multiple short-term factors, the turning point in the upward trend of gold is far from coming. As the forced liquidation phase of gold comes to an end, short-term gold prices may face volatility. However, in the medium to long term, the structural factors driving the relative performance of gold assets have not only not faded away, but have strengthened with concerns over the sustainability of U.S. finances and escalating economic and trade risks. Therefore, gold is expected to maintain its relative performance for a considerable period in the future.