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US Sep Rate Hike Odds Seen at 80%; Gold Miners Slide with Gold Prices; LAOPU GOLD (06181.HK) Sinks 5%; Resource Stocks Weaken
2026-07-24 10:46:18 Oil prices were pushed higher by tensions in the Middle East, triggering inflation concerns and reigniting expectations of US interest rate hikes within the year. CME FedWatch data showed the market is betting on about an 80% chance of a Federal Reserve rate hike in September, higher than the 68% recorded on Wednesday (22nd). Jim Wyckoff, an analyst at the American Gold Exchange (AGE), said the market has already priced in no rate hike by the Federal Reserve next week, though the tone may be "hawkish". However, if the Federal Reserve unexpectedly adopts an "extremely hawkish" or "extremely dovish" stance next week, the market would react accordingly. International gold prices retreated from a two-week peak, falling more than 2% overnight (23rd). Spot gold was last quoted at about USD4,043 per ounce. Combined with new US tariffs of 10% to 12.5% imposed on about 60 countries or regions, major Asia-Pacific markets broadly declined. Hong Kong stocks last stood at 24,949 points, down 261 points or 1%, with turnover of HKD75.8 billion. Gold mining stocks weakened alongside gold prices. ZIJIN MINING (02899.HK) last traded at HKD32.4, down 3.34%, with turnover of HKD586 million. Its subsidiary ZIJIN GOLD INTL (02259.HK) last traded at HKD115, down 3.77%, with turnover of HKD229 million. LINGBAO GOLD (03330.HK) and CHINAGOLDINTL (02099.HK) each fell more than 4%, while CHIFENG GOLD (06693.HK) dropped 3.5%, and SD GOLD (01787.HK) and ZHAOJIN MINING (01818.HK) declined 2.1% to 2.9%. UBS said recently that the short-term decline in gold prices is not a reason to abandon gold, as the long-term trend remains clear. The bank expects the US to resume rate cuts in March next year. UBS maintained its gold price targets for September and December this year, as well as March and June next year, at USD4,400, USD4,600, USD5,000 and USD5,200 per ounce, respectively. Jewelry stocks generally declined. LAOPU GOLD (06181.HK) was quoted at HKD370.2, down 5.56%, making it the worst-performing blue chip stock, with turnover of HKD160 million. CHOW TAI FOOK (01929.HK) fell 1.8%, CHOW SANG SANG (00116.HK) dropped 1.4%, and LUK FOOK HOLD (00590.HK) edged down 0.3%. ZHOU LIU FU (06168.HK) last traded at HKD15.66, bucking the market trend with a 5.1% gain, with turnover of HKD10.5378 million. Resource stocks also weakened. MMG (01208.HK) fell 5%, while CHALCO (02600.HK) and JIANGXI COPPER (00358.HK) dropped 4% to 4.5%. CMOC (03993.HK) declined 3.9%, while JIAXIN INTL RES (03858.HK), CHINFMINING (01258.HK) and CHINAHONGQIAO (01378.HK) each fell 2.9%. (da/u)~ AASTOCKS Financial News Website: www.aastocks.com This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. | |