Gold-related stocks in Hong Kong extended their declines.

At the time of writing, Zijin Mining International (02259) was down 4.77% at HK$101.8. Zijin Mining Group (02899) fell 4.17% to HK$30.3. Chifeng Gold (06693) dropped 4.06% to HK$25.5. Shandong Gold Mining (01787) declined 3.45% to HK$19.87. Lingbao Gold (03330) was down 2.6% at HK$13.47.

The market movement follows a volatile and lower trading session for gold prices on June 23rd, where spot gold briefly fell below the $4,150 per ounce level.

In related news, Bank of America stated on Monday that it expects the Federal Reserve to implement three 25-basis-point interest rate hikes this year, occurring in September, October, and December. This would raise the benchmark rate from the current range of 3.5%-3.75% to a target range of 4.25%-4.5%. This forecast represents one of the most aggressive expectations for rate hikes among major global investment banks.

Separately, in a report dated June 19th, Deutsche Bank predicted the Fed would enact two 25-basis-point rate increases this year, anticipated in September and December.

It is also noteworthy that Goldman Sachs recently significantly lowered its gold price target for the end of 2026 to $4,900 per ounce, a substantial reduction of $500. This marks the sixth major international bank to revise down its gold outlook, following similar moves by Commerzbank, Citigroup, JPMorgan Chase, Morgan Stanley, and ANZ. Notably, Citigroup has adjusted its gold price forecast downward twice within a single month.