HK Stock Market Move | Gold stocks collectively fell, spot gold once again plunged below the key level of 4600, and the upward space for gold prices was suppressed by "double expectations".

Golden stocks collectively fell, as of the time of writing, LINGBAO GOLD (03330) fell by 7.18% to 20.22 Hong Kong dollars; ZIJIN GOLD INTL (02259) fell by 4.88% to 149.9 Hong Kong dollars; Shandong Gold Mining (01787) fell by 4.18% to 28.46 Hong Kong dollars; Zijin Mining Group (02899) fell by 2.47% to 35.56 Hong Kong dollars. On the news front, as of April 29th, the international gold price once again plunged, with the spot price of gold in London breaking below the key level of $4600 per ounce, hitting a low of $4556 per ounce. Shi Jialiang, Assistant General Manager of the Industrial and Financial Development Headquarters of ZHONGTAIFUTURES, said in an interview that the core drive of this round of international gold price adjustment is the phased transition of gold pricing logic, namely the increase in "policy tightening expectations" and "liquidity crisis expectations", which together have suppressed the upward space for gold prices. The resonance of these two expectations has become an important factor causing the consecutive decline in international gold prices and breaking through key levels. On April 30th, the Fed decided to maintain the federal funds target range at 3.50% to 3.75%. Fed Chairman Powell said that the current monetary policy stance is in a "very good position" and emphasized that a rate cut still needs to wait under the double impact of oil prices and tariffs. Currently, market expectations for the Fed's future rate cut path are showing serious differentiation. Guotai Junan Futures analysis believes that the prospects for US-Iran negotiations remain unclear, high oil prices may drive inflation or maintain a high level temporarily, Fed rate cut expectations are under pressure, and precious metals lack short-term upward momentum. However, considering weak domestic demand in the US and ongoing risks of downturn in the job market, with the gradual easing of geopolitical tensions, rate cut expectations for the second half of the year still have the potential to rebound.