HK Stock Market Move | Gold stocks continue to rise, with CHINAGOLDINTL (02099) and LINGBAO GOLD (03330) both up more than 6%.

Gold stocks rose again, as of press time, CHINAGOLDINTL (02099) rose 6.46% to HK$94.8; LINGBAO GOLD (03330) rose 6.08% to HK$12.22; ZHAOJIN MINING (01818) rose 3.78% to HK$22.5; Shandong Gold Mining (01787) rose 3.54% to HK$28.66. On the news front, Federal Reserve Chairman Powell said on Friday at the Jackson Hole Global Central Bank Annual Meeting that the downside risks to the U.S. job market are increasing, and a change in the balance of risks could make adjusting the policy stance appropriate for the Federal Reserve. This is the strongest signal Powell has sent so far, implying that the Fed may cut interest rates as early as September. Huaxin Securities pointed out that the Fed is still in an interest rate cutting cycle, and Powell's speech injected confidence into the precious metals market, being optimistic about the further rise in gold prices. Also worth noting, it was reported that Trump high profile announced on social media the immediate dismissal of Fed Governor Lisa J. Cook, raising concerns about the independence of the Fed.