HK Stock Market Move | Gold stocks are generally under pressure, with gold prices fluctuating downward due to the Middle East situation. Expectations of a Fed rate hike continue to rise.

As of press time, TONGGUAN GOLD (00340) fell 4.98% to HK$2.1; ZIJIN GOLD INTL (02259) fell 3.86% to HK$124.7; LINGBAO GOLD (03330) fell 3.63% to HK$15.92; Chifeng Jilong Gold Mining (06693) fell 2.29% to HK$29.86; Shandong Gold Mining (01787) fell 1.92% to HK$23.5. On the news front, due to increased concerns about tensions in the Middle East, international oil prices surged again overnight, while spot gold fell below $4500. According to Iranian reports on the 1st, Iran and the "Resistance Front" plan to completely block the Strait of Hormuz and initiate actions in other "battle fronts" such as the Strait of Mandeb. Currently, market expectations for a Fed rate hike continue to rise. According to the latest data, US May ISM manufacturing data hit a four-year high, further prompting traders to bet on the Fed's next rate move being a hike. Interest rate swaps indicate that traders have fully digested the expectation of a rate hike by March 2027.