Gold stocks are among the top decliners in the Hong Kong market. At the time of writing, Zhufeng Gold (01815) fell 4.35% to HK$0.88, Lingbao Gold (03330) dropped 3.44% to HK$17.86, Zijin Gold International (02259) declined 3.09% to HK$140.9, and Zijin Mining (02899) decreased 3.05% to HK$32.38.

The sell-off in global bond markets continued overnight, with long-term U.S. Treasury yields reaching extreme historical levels. The U.S. dollar index strengthened to its highest point since early April, while equity markets also declined. Under these multiple pressures, precious metals faced downward pressure, with gold briefly falling below the $4,500 mark.

In the U.S. Treasury market, the 30-year yield broke through the 5% threshold, reaching its highest level since 2007. Market expectations for a Federal Reserve rate hike continue to intensify. According to the CME FedWatch Tool, the probability of a Fed rate hike within 2026 is now close to 60%.

Regarding U.S.-Iran relations, on May 19 local time, U.S. Vice President Vance stated that negotiations with Iran have made significant progress, and the U.S. has prepared a "Plan B" to resume military operations if necessary.