Gold-related stocks are facing widespread selling pressure on the Hong Kong Stock Exchange. As of the latest trading, China Gold International Resources Corp Ltd (02099) dropped 3.21% to HK$205.2, Zijin Mining Group Co Ltd (02899) fell 3.14% to HK$36.38, Lingbao Gold Group Co Ltd (03330) declined 2.8% to HK$23.6, and Chifeng Jilong Gold Mining Co Ltd (06693) slipped 2.14% to HK$38.44.

On the news front, Monday saw U.S. and Brent crude oil prices continue to rise in the American session, supported by uncertainty over the reopening of the Strait of Hormuz and ongoing tensions in the Middle East. This has amplified market concerns about upside risks to U.S. inflation, fueling expectations that the Federal Reserve may raise interest rates again this year. Meanwhile, Cleveland Fed President Beth Hammack stated that the Fed may need multiple rate hikes to bring inflation down to the central bank's 2% target level.

Gold prices have risen for three consecutive trading days, with spot gold currently trading above $4,400 per ounce. Analysts at Huatai Futures believe that precious metals have shown a relatively muted reaction to changes in the oil price center, with gold and oil prices often rising together. If there are no clear signs of escalating geopolitical tensions on the margin or a substantive breakdown in negotiations, precious metals are likely to remain in a high-range consolidation pattern while trading on the fading of rate hike expectations. Therefore, gold prices are expected to maintain a range-bound to slightly stronger trend in the near term.