Changes in Hong Kong stocks | Gold stocks collectively fell, and the US CPI met expectations in July but lacked a clear direction. Spot gold once fell below $4,400

The Zhitong Finance App learned that gold stocks fell collectively. As of press release, Lingbao Gold (03330) fell 6.78% to HK$21.16; China Gold International (02099) fell 5.92% to HK$190.8; and Shandong Gold (01787) fell 4.25% to HK$22.06.

According to the news, the US CPI fell from 3.5% to 3.4% in July, and the core CPI fell from 2.6% to 2.5%, all in line with market expectations. The moderate inflation data showed no major surprises, easing the pressure on the Federal Reserve to speed up interest rate hikes. However, the lack of data with a clear direction caused the gold market to be in a long and short war. After the data was released, the gold price first held back up and then fell below the 4,400 US dollar mark this morning.

The cumulative increase in gold prices this month was about 8%, and last week it also recorded its best weekly performance since January. Liu Yu, chief economist at Societe Generale Securities, said that the rise in gold prices in this round was mainly driven by the cooling of expectations of interest rate hikes after the non-agricultural data unexpectedly turned negative, while transactional capital amplified the increase. SPDR gold ETF holdings continued to increase by 3.4 tons on August 10, cumulatively increasing holdings by nearly 14 tons since August, while net outflows continued from March to July. The combination of low positions and the implied volatility remains low at around 25, making it easier for short-term volatility to be amplified.