Hong Kong gold stocks are broadly declining, with Lingbao Gold (03330) falling 6.33% to HK$15.23, China Gold International (02099) dropping 3.99% to HK$170.9, and Zijin Gold International (02259) slipping 2.75% to HK$120.3 as of press time.
On the news front, spot gold broke below the $4,000 mark today, trading at $3,984.13 per ounce as of press time, with an intraday decline of approximately 0.9%.
Huatai Futures believes that market risk sentiment has been building recently, with US tech equities once again experiencing significant declines coupled with rising geopolitical risks, weighing notably on market risk appetite. Demand for gold investment may weaken slightly, and gold prices are therefore expected to remain in a choppy range in the near term.
It is worth noting that the US September core PCE price index rose 3.1% year-over-year and 0.3% month-over-month, both in line with market expectations. PCE is the inflation gauge the Federal Reserve prioritizes, with core PCE regarded by Fed officials as the key benchmark for assessing medium- to long-term inflation trends.
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