HK Stock Market Move | Gold stocks decline again as ZIJIN GOLD INTL (02259) falls over 4%; another Fed official takes a hawkish stance.

Gold stocks are under pressure again. As of press time, ZIJIN GOLD INTL (02259) fell 4.26% to HK$148.20; LINGBAO GOLD (03330) fell 4.22% to HK$22.24; Shandong Gold Mining (01787) fell 1.96% to HK$21.96. On the news front, another Fed official took a hawkish stance. St. Louis Fed President Alberto Musalem said on Monday that due to strong demand and commodity price shocks (which have spread beyond oil), the Fed may need to raise interest rates further to lower inflation. He also stressed that the Fed had better act as soon as possible rather than wait. CITIC Futures believes that from the perspective of gold's own pricing, after the September rate hike was implemented, there is a short-term lack of a new single macro narrative, the market's attention to the Fed's independence has declined for the time being, and the pullback in oil prices has also weakened the energy inflation trade. Gold's sensitivity to real U.S. Treasury yields, the dollar, and Fed officials' speeches may increase again.