HK Stock Market Move | Gold stocks fell this morning, with spot gold again falling below $4700. Strong non-farm data may raise the threshold for the Federal Reserve to cut interest rates.

Gold stocks fell this morning. As of the time of writing, Chifeng Jilong Gold Mining (06693) fell by 4.46% to 43.58 Hong Kong dollars; LINGBAO GOLD (03330) fell by 4.79% to 23.84 Hong Kong dollars; ZIJIN GOLD INTL (02259) fell by 4.17% to 165.3 Hong Kong dollars; TONGGUAN GOLD (00340) fell by 4.19% to 2.97 Hong Kong dollars. On the news front, on May 11th, international crude oil rose sharply, while spot gold and silver fell. WTI crude oil futures, and spot gold both fell below 4700 US dollars. According to CCTV News, on May 10th local time, US President Trump expressed dissatisfaction with the response from Iran's so-called "representatives" on his social media platform "Truth Social", stating that he found the response "completely unacceptable". It is worth noting that the US released its April non-farm payroll data. Non-farm payrolls increased by 115,000, exceeding market expectations; the unemployment rate was 4.3%, in line with market expectations; average hourly wages increased by 3.6% year-on-year, below market expectations. Open Source Securities believes that a rate cut by the Federal Reserve in 2026 is not entirely impossible. The impact of oil prices on economic growth is lagging, and even if short-term inflation rises, the Federal Reserve may choose to wait and see rather than immediately raise rates. According to the latest forecast from Bank of America, the Federal Reserve will delay a rate cut until the second half of 2027, mainly due to high inflation levels and positive employment growth trends. Previously, the institution had expected the Federal Reserve to cut rates once in September and once in October this year.