HK Stock Market Move | Gold stocks collectively moved lower, with Chifeng Jilong Gold Mining (06693) dropping more than 4% as strong U.S. non-farm data dampened interest rate cut expectations.

Gold stocks collectively fell, as of the time of publication, Chifeng Jilong Gold Mining (06693) fell by 4.64% to 25.7 Hong Kong dollars; TONGGUAN GOLD (00340) fell by 4.13% to 2.09 Hong Kong dollars; CHINAGOLDINTL (02099) fell by 3.28% to 70.75 Hong Kong dollars; Shandong Gold Mining (01787) fell by 2.45% to 27.9 Hong Kong dollars. On the news front, the U.S. June seasonally adjusted non-farm payrolls increased by 147,000, better than expected, and the unemployment rate unexpectedly fell to 4.1%. Traders are no longer betting on a rate cut by the Fed in July, and the probability of a rate cut in September has also decreased. After the data was released, the U.S. dollar index rose sharply, gold fell sharply, and then rebounded slightly. China Securities Co., Ltd. recently pointed out in a research report that in the second half of the year, with easing trade tensions and the resumption of trade, the short-term bullish factors for gold are not obvious. If global stock markets strengthen and conflicts between Russia and Ukraine ease, risk appetite may increase, and it is not ruled out that the historically high gold prices may experience a significant retreat.