HK Stock Market Move | Gold stocks generally trended lower with Lingbao Gold (03330) falling by more than 5% and Chifeng Jilong Gold Mining (06693) dropping by over 4%.

In the early morning session, gold stocks opened higher and then fell, with a general downturn. As of the time of writing, TONGGUAN GOLD (00340) fell 5.71% to 1.32 Hong Kong dollars; LINGBAO GOLD (03330) fell 5.49% to 9.47 Hong Kong dollars; PERSISTENCE RES (02489) fell 5.08% to 1.12 Hong Kong dollars; Chifeng Jilong Gold Mining (06693) fell 4.49% to 29.8 Hong Kong dollars; Shandong Gold Mining (01787) fell 3.67% to 23.65 Hong Kong dollars. On the news front, in the early morning of April 17th, international gold prices plunged after hitting a new high. Spot gold dropped more than 20 dollars from the high point of 3350 US dollars per ounce, with the latest price at 3330.75 US dollars per ounce. On Wednesday local time, Powell's latest hawkish remarks exceeded market expectations. He warned that Trump's policies, such as tariffs, have created high uncertainty for the economy. The Fed will wait for a clearer picture before considering rate cuts and will try to avoid persistent inflation caused by tariffs. CITIC SEC believes that the Trump administration's future actions still have great uncertainty, and gold prices may still fluctuate significantly. However, the damage to the credibility of the dollar system by the Trump administration is irreversible, which will strengthen the monetary attributes of gold and push its price higher.