Hong Kong Stocks Move: Gold Miners Open Sharply Lower as Inflation and Rate Hike Expectations Weigh on Bullion; Third-Quarter Profits of Gold Companies Decline Year-on-Year

Stock News10-23 09:34

Gold-related stocks opened broadly lower. As of press time, Zijin Gold International (02259) fell 5.63% to HK$115.7; Chifeng Gold (06693) dropped 5.41% to HK$29.04; Shandong Gold (01787) declined 3.95% to HK$16.53; and Zijin Mining (02899) slipped 3.78% to HK$28.

On the news front, against the backdrop of renewed tensions in the Middle East, rising crude oil prices that reinforced inflation concerns, COMEX gold futures closed down 2.66% on Thursday, approaching the US$4,000 per ounce mark. The Federal Reserve will hold a meeting from October 27 to 28, and the September PCE inflation data will be released on October 29. Should economic data come in stronger than expected and price pressures persist, it would strengthen market bets on further rate hikes.

Notably, after the close on October 22, Sichuan Gold and Hunan Gold successively disclosed their third-quarter reports for 2026. Sichuan Gold reported third-quarter operating revenue of RMB 346 million, down 0.06% year-on-year; net profit attributable to shareholders was RMB 121 million, down 24.75% year-on-year. Hunan Gold reported third-quarter operating revenue of RMB 7.342 billion, down 42.45% year-on-year; net profit attributable to shareholders was RMB 204 million, down 45.36% year-on-year.

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