Shares of gold companies fell broadly in Hong Kong trading on Friday, with China Gold International (02099) dropping 7.10% to HK$233.00, Lingbao Gold (03330) down 5.29% to HK$23.26, Shandong Gold (01787) slipping 3.48% to HK$22.18, and Zijin Gold International (02259) declining 2.70% to HK$154.80.

On the macro front, Minneapolis Federal Reserve President Neel Kashkari said on Thursday that inflation across all sectors of the U.S. economy remains too high, and it's not just about rising oil prices. "Even if you strip out the volatile energy components and food, the inflation trajectory is still too elevated," Kashkari noted in an interview.

Adding to the bearish sentiment, Goldman Sachs has quickly adjusted its rate path forecast following the Fed's "hawkish cut" last Wednesday. The investment bank now expects the central bank to deliver another 25-basis-point rate hike at its October policy meeting.

Looking ahead, Guolian Futures believes the precious metals market will be driven by expectations for the Fed's December meeting, U.S. Treasury yields, and oil-driven inflation expectations, all constrained by U.S. inflation and jobs data, fiscal conditions, and geopolitical developments.

In the near term, macro uncertainties including oil price volatility, elevated Treasury yields, and the U.S. midterm elections will continue to roil market sentiment. Precious metals are likely to remain range-bound, caught between high interest rates and geopolitical disruptions.