HK Stock Market Move | Gold stocks broadly decline; stronger-than-expected PMI data boosts rate hike expectations; firmer dollar and Treasury yields weigh on precious metals.

Gold stocks broadly decline. As of press time, ZIJIN GOLD INTL (02259) fell 4.23% to HK$140.4; Shandong Gold Mining (01787) fell 3.08% to HK$20.76; TONGGUAN GOLD (00340) fell 3.15% to HK$2.615; LINGBAO GOLD (03330) fell 2.18% to HK$21.52. On the news front, on the evening of September 23, the US dollar index once rose to 101, an 8-week high. In addition, driven by a rebound in international oil prices and unexpectedly stronger US PMI data, US Treasuries suffered a fresh round of heavy selling. The five-year US Treasury yield broke above 5% for the first time since 2007; the ten-year US Treasury yield stood above the 5.1% mark. Notably, Federal Reserve Governor Barr said further rate hikes may be needed to ensure inflation returns to the target level, continuing to release hawkish signals. CITIC Futures believes that in the short term, gold will remain range-bound with a weak bias, and a recovery requires the dollar's rally to slow or further tightening expectations to cool. If energy prices fall and inflation pressure eases, physical and ETF buying could help prices stabilize; if the dollar continues to strengthen and policy restrictiveness increases further, gold will still face adjustment pressure. Medium-term demand resilience will help buffer drawdowns, but sustained upside still requires capital inflows and a supportive interest rate environment.