HK Stock Market Move | Gold stocks fall across the board; rising U.S. Treasury yields weigh on precious metals valuations; Fed officials release hawkish signals.

Gold stocks fell across the board. As of press time, LINGBAO GOLD (03330) dropped 9.06% to HK$19.28; Shandong Gold Mining (01787) fell 8.45% to HK$18.31; TONGGUAN GOLD (00340) declined 5.87% to HK$2.405; Chifeng Jilong Gold Mining (06693) dropped 4.26% to HK$34.16. On the news front, rising U.S. Treasury yields have weighed on precious metals valuations. Last Friday, the 30-year U.S. Treasury yield briefly touched 5.53% intraday, setting a record high since 2004. This morning, U.S. Treasury yields continued to jump, with the 10-year and 30-year yields rising above 5.20% and 5.50%, respectively. Notably, the current standoff in the Strait of Hormuz has kept rate hike expectations elevated. According to the latest news, U.S. President Trump said in an interview that he "expects negotiations with Iran to continue this week." However, a day earlier, Trump rejected Iran's proposal to end the war. Since the Federal Reserve implemented its first rate hike in three years recently, multiple officials have called for further policy tightening. On Friday alone, three Fed officials released hawkish signals, warning about inflation risks. Cleveland Fed President Beth Hammack said she worries that persistently high inflation could lead the American public to gradually view high prices as the norm, and the Fed must not let that happen. Kansas City Fed President Jeffrey Schmid said inflation remains above the Fed's 2% target, and policymakers have not yet fully resolved the inflation problem.