HK Stock Market Move | Gold stocks collectively decline; precious metals under pressure amid high interest rates; market focuses on tonight's U.S. nonfarm payroll data.

Gold stocks collectively decline. As of press time, Chifeng Jilong Gold Mining (06693) fell 4.35% to HK$34.74; LINGBAO GOLD (03330) dropped 4.33% to HK$18.99; Shandong Gold Mining (01787) declined 3.96% to HK$18.96; TONGGUAN GOLD (00340) fell 2.65% to HK$2.39. On the news front, earlier on Thursday, the "anchor of global asset pricing" the U.S. 10-year Treasury yield briefly rose to 5.342%, hitting a new high since April 2002, while the U.S. 30-year Treasury yield also climbed to its highest level in 24 years. Notably, uncertainty surrounding the U.S.-Iran situation continued to push oil prices higher, with Brent crude once again rising above the $100 mark. CITIC Futures believes that the sustainability of gold's rebound depends on whether cooling growth can drive real interest rates lower. It is worth mentioning that Federal Reserve Vice Chair Jefferson stated that the next move need not be rushed and that incoming data must be carefully assessed before deciding on the next step. Jefferson's remarks echo those of Williams, the Fed's "third-in-command," who said on Tuesday that there is no rush to raise rates. Following Jefferson's speech, market expectations for a Fed rate hike in October fell from 35% before the remarks to 24%. Currently, the market is closely watching the U.S. September nonfarm payrolls report due at 8:30 p.m. tonight, as the data will confirm whether the U.S. economy can still withstand a higher interest rate environment.