HK Stock Market Move | Gold stocks fell further in the afternoon, with international gold prices dropping below $4200, giving up all gains for the year.

Gold stocks fell further in the afternoon, as of the time of writing, Chifeng Jilong Gold Mining (06693) fell by 25.67% to HK$31.28; LINGBAO GOLD (03330) fell by 15.89% to HK$20.64; TONGGUAN GOLD (00340) fell by 10.63% to HK$2.69; Shandong Gold Mining (01787) fell by 9.45% to HK$29.52. On the news front, spot gold fell by 7% intraday, dropping over $4200 per ounce, wiping out the gains for the whole year 2026, and the year-to-date gain for spot gold has been at a high of nearly 30%. Guosheng pointed out that gold is currently facing a temporary headwind under the dual characteristics of "safe-haven trades" and "stagflation trades": the initial escalation of the situation in Iran pushed the US dollar and oil prices higher, rapidly increasing market expectations for an interest rate hike, leading to a turnaround in gold prices and breaking through key support levels. The institution stated that gold has entered the left kind of pocket area. Guotou Securities released a research report stating that the US-Iran conflict continues, oil prices continue to rise, and the market has already started pricing in the possibility of the Federal Reserve not cutting interest rates this year, and even the possibility of a rate hike in the first half of next year. Precious metals and industrial metals are more sensitive to macro interest rates, resulting in a sell-off in the overall non-ferrous sectors.