Gold stocks mostly advanced. At the time of writing, ZHAOJIN MINING (01818) rose 5.46% to HK$23.18; Chifeng Jilong Gold Mining Co., Ltd. (06693) increased by 4.64% to HK$35.18; Zijin Mining Group Co., Ltd. (02899) climbed 4.01% to HK$35.24; China Gold International Resources Corp. Ltd. (02099) was up 2.65% at HK$162.7; and Shandong Gold Mining Co., Ltd. (01787) gained 1.94% to HK$25.24.

On the news front, spot gold hovered around $4,500 on May 26th. Previously, supported by positive signals from US-Iran negotiations, market concerns over US inflation eased, US Treasury yields retreated, and precious metals saw volatile gains. A recent research report from Zhongtai Securities stated that the medium-term upward logic for gold remains solid, with marginal weakening of the US dollar credit system and expectations of declining real interest rates providing core support. China Post Securities believes that after a phase of adjustment, gold prices are expected to continue their upward trend. Despite a short-term pullback after London gold prices hit a new high in the first quarter, Shanghai gold prices have remained elevated. The People's Bank of China continued to increase its gold holdings during the price adjustment period, reflecting its long-term allocation value. Furthermore, with sustained high US debt pressure and deficit ratios, the logic of gold as a substitute for US Treasuries is also strengthening.