Gold stocks in Hong Kong are generally under pressure. At the time of writing, Lingbao Gold (03330) fell 3.53% to HK$22.44; SD GOLD (01787) dropped 2.9% to HK$29.44; Tongguan Gold (00340) declined 2.5% to HK$2.73; CHIFENG GOLD (06693) decreased 2.07% to HK$40.78; ZIJIN GOLD INTL (02259) was down 2.13% to HK$160.6.

Overnight, the released US April CPI data comprehensively exceeded expectations. The core CPI monthly rate was 0.4%, with the annual rate rising to 2.8%, while the overall CPI annual rate reached 3.8%, marking a three-year high. Following the data release, US Treasury yields and the US dollar briefly strengthened, while gold experienced a slight decline before stabilizing in a volatile range.

It is noteworthy that former Federal Reserve dove, Chicago Fed President Austan Goolsbee, stated that last month's consumer inflation report from the government was disappointing. These data indicate that inflationary pressures are not solely stemming from oil and tariff-related price increases; there are broader price pressures present in the market.

Dongwu Securities believes that after the data release, the interest rate market has further reduced the probability of a rate hike within the year. The bank anticipates that the new Federal Reserve leadership still possesses the necessary conditions for further easing.

This week, US-Iran geopolitical tensions remain a core focus affecting the market. Midweek rumors regarding a peace agreement memorandum led to simultaneous declines in the US dollar and oil prices, while precious metal prices showed relative strength. The bank believes that even if the situation fluctuates subsequently, the price low point has already been established.