HK Stock Market Move | Gold stocks rose in the afternoon, with Lingbao Gold (03330) up over 6% and Chifeng Jilong Gold Mining (06693) up nearly 4%.

Gold stocks rose in the afternoon. As of the time of writing, Lingbao Gold (03330) rose by 6.57% to 10.7 Hong Kong dollars, Persistence Res (02489) rose by 5.73% to 1.66 Hong Kong dollars, Chifeng Jilong Gold Mining (06693) rose by 3.97% to 30.15 Hong Kong dollars, and Everest Gold (01815) rose by 2.11% to 1.94 Hong Kong dollars. In terms of news, spot gold continued to rise in the afternoon, reaching 3320 US dollars per ounce, an increase of 0.95% on the day. Zhongxin Futures pointed out that this week, long-term bond yields in the US and Japan have risen significantly, putting pressure on long-term bonds. The probability of the "beautiful big bill" proposed by Trump passing the House of Representatives and substantial tax cuts being implemented has increased. The expectation of a continued increase in the US deficit rate in the future is also in line with Moody's downgrade of the US credit rating. The disorderly expansion of debt leading to a contraction of US dollar credit is gradually becoming evident. This provides solid support for the long-term bullish logic of gold.