HK Stock Market Move | Golden stocks significantly rebounded today, with Chifeng Jilong Gold Mining (06693) rising by over 9% and Lingbao Gold (03330) rising by over 6%.

After suffering a heavy setback yesterday, the gold stocks showed a significant rebound this morning. As of the time of writing, Chifeng Jilong Gold Mining (06693) rose by 9.2% to 34.42 Hong Kong dollars; LINGBAO GOLD (03330) rose by 6.51% to 22.9 Hong Kong dollars; Zijin Mining Group (02899) rose by 5.66% to 34.36 Hong Kong dollars; ZHAOJIN MINING (01818) rose by 5.35% to 28.38 Hong Kong dollars; ZIJIN GOLD INTL (02259) rose by 4.53% to 177.6 Hong Kong dollars. In terms of news, according to China News Network quoting the Israeli Ynet news website on the 23rd local time, an Israeli official stated that the US has set April 9th as the target date to end the war with Iran. The official stated that talks between Iran and the US are expected to take place later this week in Pakistan. The report stated that US President Trump said that the US has had two days of talks with Iran on ending the war and revoked the previous 48-hour ultimatum to strike power plants. Iran, however, denied any negotiations taking place. On the Federal Reserve side, Chicago Fed President Gulfsby stated that inflation is currently the main risk facing the US economy, not ruling out the possibility of raising interest rates. However, if the Iran conflict is quickly resolved, rate cuts may still be possible later this year. Federal Reserve Board member Stephen Milan stated that there is currently no need to consider raising rates, the policy outlook is still for rate cuts and they still expect four rate cuts by 2026. Galaxy Securities believes that under high oil prices and a high interest rate environment, short-term fluctuations in gold are inevitable. However, in the medium to long term, central bank gold purchases, reserve diversification, and geopolitical uncertainty still provide support.