HK Stock Market Move | Gold stocks collectively fall, high oil prices continue to exacerbate inflation concerns, and spot gold prices widen their losses in the afternoon.
Gold stocks have collectively fallen. As of the time of writing, Lingbao Gold (03330) fell by 6.68% to HK$20.4; and Zijin Gold International (02259) fell by 3.92% to HK$151.8.
The collective decline of gold stocks, as of the deadline, LINGBAO GOLD (03330) fell by 6.68%, closing at 20.4 Hong Kong dollars; ZIJIN GOLD INTL (02259) fell by 3.92%, closing at 151.8 Hong Kong dollars; Shandong Gold Mining (01787) fell by 2.93%, closing at 29.16 Hong Kong dollars; Zijin Mining Group (02899) fell by 2.65%, closing at 35.26 Hong Kong dollars.
On the news front, spot gold plummeted in the afternoon, breaking below $4630 per ounce, down 1.12% on the day. Currently, the negotiations between the US and Iran are at a stalemate, with the passage through the Strait of Hormuz still blocked, exacerbating market concerns about ongoing inflationary pressures. At the same time, international oil prices have remained high, with Brent oil futures up over 2% as of the deadline, approaching $104 per barrel. Of note, this Wednesday, Federal Reserve Chairman Powell is likely to hold his last press conference as Fed Chair, with markets generally expecting the Fed to maintain interest rates. Previously, Fed Chair nominee Kevin Warsh had stated he would defend the Fed's independence, cooling expectations for a rate cut by the Fed this year and raising concerns about future balance sheet reduction.
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