HK Stock Market Move | Most gold stocks fell, as rising long-term interest rates caused short-term disturbances. The market is awaiting the latest minutes from the Federal Reserve meeting.

Most of the gold stocks fell today. As of the time of writing, EVEREST GOLD (01815) is down 4.58%, at HKD 1.665; ZIJIN GOLD INTL (02259) has decreased by 4.35%, at HKD 131.8; CHI SILVER GP (00815) is down 3.51%, at HKD 0.275; and LINGBAO GOLD (03330) has dropped by 0.73%, at HKD 21.88. On the news front, there has been a general rise in long-term bond yields in the US, Europe, and Japan. Notably, the yield on the US 30-year Treasury bond has reached its highest level since 2007, leading to increased holding costs and causing short-term fluctuations in gold prices. Meanwhile, the conflict in the Middle East has seen renewed volatility, and oil prices remain high and fluctuate. It is worth noting that the Federal Reserve is about to release the minutes from the July monetary policy meeting, and the market hopes to gain more clues regarding the Fed's interest rate direction from this document. CITIC Futures believes that gold prices may maintain high-level fluctuations in the short term, focusing on the statements regarding policy direction from the Fed's meeting minutes this week, as well as whether the rise in long-term yields is driven by real interest rates, term premiums, or fiscal concerns. If expectations for a weaker dollar and interest rate hikes continue to cool down, the selling of long-term bonds may have relatively limited pressure on gold; however, if rising energy prices reinforce inflation and interest rate expectations, gold price fluctuations could be further amplified.