Gold stocks are leading the gains in the Hong Kong market. As of press time, China Gold International (02099) rose 4.91% to HK$181.6; Zijin Gold International (02259) increased 4.02% to HK$170.6; Zijin Mining (02899) advanced 3.55% to HK$39.12; and Chifeng Gold (06693) climbed 3.88% to HK$42.88.

On the news front, U.S. President Donald Trump stated on May 11 local time that the current ceasefire agreement between the United States and Iran is "extremely fragile" and is in a "precarious" state. Iranian officials indicated that there are serious disagreements between the two sides on issues such as the disposal of enriched uranium, the duration of the suspension of uranium enrichment activities, and war compensation. The renewed escalation of geopolitical tensions has become a core factor supporting gold prices.

Huafu Securities pointed out that in the short term, precious metals are fluctuating with the situation in the Middle East and expectations of a Federal Reserve rate cut. In the medium to long term, against the backdrop of uncertainty in global tariff policies and geopolitical tensions, safe-haven and stagflation trading remain central to gold trading, and its long-term allocation value remains unchanged.