Gold stocks experienced a collective downturn. As of press time, CHINAGOLDINTL (02099) fell 4.03% to HK$135.8, SD GOLD (01787) declined 3.46% to HK$33.52, CHIFENG GOLD (06693) dropped 2.96% to HK$29.54, and ZIJIN GOLD INTL (02259) slid 2.54% to HK$138.

The decline follows a sharp correction in spot gold last Friday, which retreated nearly $180 from its all-time high of $4,211, marking the largest single-day drop in recent sessions.

Dongwu Securities noted that after Fed hawk Christopher Waller announced his retirement in Q1 next year, markets anticipated a dovish tilt. However, subsequent hawkish remarks from other Fed officials led to a significant pullback in rate-cut expectations. The firm maintains that the broader macro framework remains favorable for long positions, with the medium-term outlook for precious metals still intact, expressing optimism for a post-correction rebound.

Tongguan Jinyuan Futures highlighted that recent hawkish comments from Fed officials have prompted markets to reassess earlier optimistic expectations of a December rate cut. Profit-taking has emerged across risk assets, including gold and cryptocurrencies, reflecting a typical "buy the rumor, sell the news" pattern. The firm believes the recent rebound in gold and silver prices has ended, with further adjustments likely. Short-term focus now shifts to the upcoming non-farm payrolls data due this Thursday.