HK Stock Market Move | Gold stocks rose against the market trend. EVEREST GOLD (01815) increased by more than 4%, while ZIJIN MINING (02899) rose by more than 2%.

Gold stocks are active against the market, with EVEREST GOLD (01815) rising 4.71% to 2 Hong Kong dollars; ZIJIN MINING (02899) rising 2.37% to 32.82 Hong Kong dollars; CHINAGOLDINTL (02099) rising 1.86% to 131.1 Hong Kong dollars; Shandong Gold Mining (01787) rising 1.61% to 32.9 Hong Kong dollars; ZHAOJIN MINING (01818) rising 1.58% to 29.56 Hong Kong dollars. On the news front, the severe employment situation in the United States has raised expectations of a rate cut. Private data provider Revelio Labs reported that non-farm employment in the US decreased by 91,000 in October, compared to an increase of 33,000 the previous month. In addition, in October, Challenger business layoffs in the US reached 153,100, a year-on-year surge of 175.3%, the highest level for the same period since 2003. The CME Group's FedWatch tool shows that the likelihood of another rate cut by the Federal Reserve in December is over 70%. CITIC Futures pointed out that the focus is on the trading window in December, with speculation on the interest rate cut space for next year around the Federal Reserve's rate meeting in December. In addition, the US Treasury Secretary has mentioned that confirmation of the new Federal Reserve Chairman nominee is expected before Christmas, and any personnel changes may once again become a positive driver. Long-term excessive US debt issuance and deglobalization are the core factors driving down US dollar credit. Gold, as a currency beyond sovereignty, remains the preferred asset for hedging US dollar credit risk. The trend of global central banks buying gold remains, and the long-term price equilibrium of gold remains expected to be upward.