Gold stocks were among the biggest decliners in the Hong Kong market. As of the time of writing, Chifeng Gold (06693) fell 5.44% to HKD 37.86; Zijin Mining Group International (02259) dropped 3.62% to HKD 154.2; Zijin Mining Group (02899) declined 3.39% to HKD 35.96; and Shandong Gold Mining (01787) decreased 2.95% to HKD 27.66.

Market sentiment was influenced by widespread alerts across U.S. Treasury yields this week. The yield on the 30-year U.S. Treasury bond surpassed the 5% threshold, while the benchmark 10-year yield rose above the 4.5% level. The 2-year Treasury yield, which is particularly sensitive to interest rate policy, also crossed the 4% mark on Thursday. This has led to a significant shift in market expectations regarding the Federal Reserve's future monetary policy, increasing adjustment pressure on gold.

Notably, the Indian government announced on the 13th that it would raise import duties on gold and silver from 6% to 15%, aiming to curb demand for precious metals and support the domestic currency exchange rate. Analysts believe that this increase in import tariffs may help suppress domestic gold and silver consumption demand in India and contribute to narrowing the trade deficit. This move follows an unusual appeal from Indian Prime Minister Narendra Modi, who recently urged citizens to refrain from purchasing gold for at least a year.