HK Stock Market Move | Gold stocks fluctuated higher; Williams' remarks cool expectations for an October rate hike; markets focus on a series of U.S. economic data this week.

Gold stocks fluctuated higher. As of press time, Shandong Gold Mining (01787) rose 3.35% to HK$19.15; Chifeng Jilong Gold Mining (06693) rose 3.18% to HK$35.7; ZIJIN GOLD INTL (02259) rose 2.73% to HK$142.8; ZHAOJIN MINING (01818) rose 1.49% to HK$17.76. On the news front, Federal Reserve voting member and New York Fed President John Williams said that after the September rate hike, "there is no need to act in a hurry"; if the economy meets expectations, there may be one more rate hike this year; more data will help the Fed decide the next direction of interest rate policy; bringing inflation back to the 2% target is crucial. After Williams said he was "in no rush to act," traders cut bets on a Fed rate hike in October, with the market-implied probability of an October Fed rate hike falling from about 70% to around 50%. Due to factors such as the U.S. releasing oil reserves and the gradual recovery of crude oil flows from the Middle East, international oil prices fell significantly, while gold prices rebounded from an eight-week low. Spot gold rose as high as $4,187 this morning before pulling back somewhat. CITIC Futures believes that the sustainability of gold's rebound depends on whether cooling growth can drive real interest rates lower. Going forward, focus on PCE inflation and nonfarm payrolls: easing inflation and cooling employment would help reduce tightening pressure.