Changes in Hong Kong stocks | Gold stocks generally fell, PMI exceeded expectations, data boosted interest rate hikes, and stronger dollar and US debt suppressed precious metals

The Zhitong Finance App learned that gold stocks were generally lower. As of press release, Zijin Gold International (02259) fell 4.23% to HK$140.4; Shandong Gold (01787) fell 3.08% to HK$20.76; Tongguan Gold (00340) fell 3.15% to HK$2.615; and Lingbao Gold (03330) fell 2.18% to HK$21.52.

According to the news, on the evening of September 23, the US dollar index once rose to a 101-8 week high. Furthermore, due to the rebound in international oil prices and the unexpected strengthening of US PMI data, US Treasury bonds experienced a new round of intense sell-off. The 5-year US Treasury yield broke 5% for the first time since 2007; the 10-year US Treasury yield reached the 5.1% mark. Notably, Federal Reserve Governor Barr said that further interest rate hikes may be needed to ensure that inflation returns to target levels and continue to send hawkish signals.

CITIC Futures believes that gold remains volatile and weak in the short term, and recovery requires a slowdown in dollar gains or further tightening expectations. If energy prices fall and inflationary pressure decreases, physical and ETF purchases are expected to stabilize prices; if the US dollar continues to strengthen and policy restrictions increase further, gold will still face adjustment pressure. Resilience in demand in the medium term helps to cushion retracement, and continued upward movement still requires capital inflows to match the interest rate environment.