Changes in Hong Kong stocks | Gold stocks fall collectively, Fed's Kashkari warns that inflation is still too high, institutions expect precious metals to maintain a volatile pattern

The Zhitong Finance App learned that gold stocks fell collectively. As of press release, China Gold International (02099) fell 7.10% to HK$233.00; Lingbao Gold (03330) fell 5.29% to HK$23.26; Shandong Gold (01787) fell 3.48% to HK$22.18; Zijin Gold International (02259) fell 2.70% to HK$154.80.

According to the news, Federal Reserve official and Minneapolis Federal Reserve Chairman Neil Kashkari said on the 20th local time that inflation in all areas of the US economy is too high, not just the rise in oil prices. In an interview, Kashkari said, “Even if we remove volatile energy and then exclude food, inflation is still too high as far as economic trends are concerned.” Notably, after the Federal Reserve implemented a “hawkish rate hike” last Wednesday, Goldman Sachs quickly adjusted its interest rate path forecast. The bank currently anticipates that the Federal Reserve will raise interest rates by another 25 basis points at the October policy meeting.

League of Nations Futures believes that in the future, the core logic of the precious metals market will revolve around the December Federal Reserve's policy expectations, US bond yields, and crude oil-driven inflation expectations, which are bound by the evolution of US inflation and employment data, the US fiscal situation, and the geographical situation. In the short term, macroeconomic uncertainties such as oil price fluctuations, high US bond yields, and the US midterm elections will continue to disrupt the market. The precious metals market is passively disrupted by various macro variables, and it is likely to maintain a volatile pattern in the context of “high interest rates+geographical disturbances.”