Understanding the Market | Most gold stocks declined as long-term interest rates rose, causing short-term disturbances; the market awaits the latest Federal Reserve meeting minutes

According to Zhitong Finance APP, most gold stocks fell today. As of the time of writing, Zhumeng Gold (01815) dropped 4.58% to HKD 1.665; ZIJIN GOLD INTL (02259) fell 4.35% to HKD 131.8; China Silver Group (00815) decreased by 3.51% to HKD 0.275; Lingbao Gold (03330) declined 0.73% to HKD 21.88.

On the news front, long-term bond yields in the U.S., Europe, and Japan have generally risen recently, with the U.S. 30-year Treasury yield reaching its highest level since 2007. The rising holding costs have caused short-term disturbances in gold prices. Meanwhile, conflicts in the Middle East have seen renewed fluctuations, and oil prices remain volatile at high levels. Notably, the Federal Reserve is about to release the minutes from the July monetary policy meeting, and the market hopes to gain more clues about the Fed's interest rate direction from these minutes.

CITIC Futures believes that short-term gold prices may maintain high volatility, focusing on the expression of policy paths in this week's Federal Reserve meeting minutes, and whether the rise in long-term yields is driven by real interest rates, term premiums, or fiscal concerns. If expectations for the dollar and interest rate hikes continue to cool, the pressure from long bond sell-offs on gold may be relatively limited; however, if rising energy prices reinforce inflation and interest rate trading, gold price fluctuations may further amplify