Hong Kong Stock Movers: Gold Stocks Remain Under Pressure as Hammack's Remarks Reinforce Fed Hawkishness and Middle East Conflict Intensifies

Stock News10:13

Gold stocks continued to face pressure, with Zhufeng Gold (01815) falling 3.57% to HK$1.62, Lingbao Gold (03330) declining 1.87% to HK$17.84, Zijin Gold International (02259) dropping 1.75% to HK$140.7, and Shandong Gold (01787) slipping 1.7% to HK$17.97.

On the news front, Cleveland Federal Reserve Bank President Beth Hammack said on Monday local time that monetary policy may need to be tightened to bring down inflation, and the central bank should adjust promptly and gradually. Hammack stated that current policy is not restrictive enough, inflation is returning to target too slowly, and the risk of high inflation is still rising.

Notably, the intensity of the Middle East conflict has escalated. On the 12th local time, a military spokesman for Yemen's Houthi armed forces issued a statement saying that on that evening, the Houthi forces used a ballistic missile to attack King Khalid International Airport in Riyadh, the capital of Saudi Arabia, and the missile accurately hit the target.

In addition, elevated long-end U.S. Treasury yields have put pressure on precious metals valuations. The market is currently focused on U.S. CPI data due to be released on Wednesday.

Guolian Futures believes that before oil prices, the 10-year U.S. Treasury yield, and the dollar index show a clear turning point — especially before the U.S. Treasury yield falls below 5% — it will be difficult for precious metals to restart a trend-based rally.

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