HK Stock Market Move | Gold stocks continue to fall, with spot gold briefly dropping below $4150. Both Bank of America and Deutsche Bank predict that the Federal Reserve will raise interest rates this year.

Golden stocks continue to fall, as of the time of writing, Zijin Gold Intl (02259) fell by 4.77%, to 101.8 Hong Kong dollars; Zijin Mining Group (02899) fell by 4.17%, to 30.3 Hong Kong dollars; Chifeng Jilong Gold Mining (06693) fell by 4.06%, to 25.5 Hong Kong dollars; Shandong Gold Mining (01787) fell by 3.45%, to 19.87 Hong Kong dollars; LINGBAO GOLD (03330) fell by 2.6%, to 13.47 Hong Kong dollars. On the news front, on June 23, the price of gold fluctuated downward, with spot gold briefly falling below $4150. Bank of America said on Monday that it expects the Federal Reserve to raise interest rates three times, by 25 basis points each, in September, October, and December, raising the benchmark interest rate from the current range of 3.5%-3.75% to 4.25%-4.5%. This is the most aggressive rate hike expectation among major global investment banks. Deutsche Bank, in a report released on June 19, forecasted that the Fed will raise rates twice this year, by 25 basis points each time, in September and December. It is worth noting that Goldman Sachs recently significantly lowered its gold target price for the end of 2026 to $4900 per ounce, a decrease of $500. This is the sixth international bank to lower its gold outlook, following Deutsche Bank, Citigroup, JPMorgan, Morgan Stanley, and ANZ Bank, with Citigroup even lowering its gold price outlook twice in the past month.