HK Stock Market Move | Falling US dollar and US Treasury yields support precious metals; LINGBAO GOLD (03330) rises over 9%, ZHAOJIN MINING (01818) gains nearly 7%.

Gold mining stocks rebounded collectively. As of press time, LINGBAO GOLD (03330) rose 9.4% to HK$18.5; ZHAOJIN MINING (01818) gained 6.78% to HK$18.59; Shandong Gold Mining (01787) rose 5.44% to HK$18.99; CHINAGOLDINTL (02099) rose 3.96% to HK$215.4. On the news front, yesterday's US PPI and consumption data remained hot, prompting the market to raise its bets on a Fed rate hike in October. However, the tech stock correction triggered safe-haven inflows into US Treasuries, while Fed officials took a relatively cautious stance on immediate rate hikes. US Treasury yields and the dollar index retreated from highs, with long-term bond yields posting a double-digit basis point single-day drop on Thursday, easing the previous pressure on gold prices. CITIC Futures believes that the growth rates of September retail and core retail sales both slowed significantly, and combined with previously weaker employment data, this is not yet sufficient to confirm that monetary policy will immediately tighten significantly and continuously. Central bank gold purchases, ETF allocation demand, and US fiscal credit risks still provide long-term support for gold. In the short term, focus on Warsh's speech at the IMF and World Bank annual meetings in Bangkok this week.