Changes in Hong Kong stocks | Gold stocks continue to decline, interest rate hikes are expected to rise, suppressing precious metals, spot gold falling below $4310

The Zhitong Finance App learned that gold stocks continued to decline. As of press release, Tongguan Gold (00340) fell 6.43% to HK$3.055; Lingbao Gold (03330) fell 4.71% to HK$20.62; Shandong Gold (01787) fell 4.12% to HK$24.66; and Chifeng Gold (06693) fell 3.27% to HK$38.4.

According to the news, under pressure from the sell-off of global bonds, the strengthening of the US dollar, and the sharp rise in oil prices, the price of gold fell sharply. This morning it fell below 4,310 US dollars, down more than 8% from last week's high of close to 4,700 US dollars. The current geopolitical crisis continues to affect inflation expectations. The US launched a new round of air strikes on targets in Iran on Tuesday. Iran then launched a retaliatory attack. The US-Iran conflict broke out for the second time in just three days.

Notably, Federal Reserve officials are also sending out “hawkish” signals. Federal Reserve Governor Michael Barr said that current US inflation has continued for more than five years, and if inflation is not mitigated to a sufficient extent, it will support interest rate hikes. According to data from the CME Federal Reserve Interest Rate Watch Tool, the probability that the Fed will raise interest rates in September has risen to 66.9%.