Gold mining stocks in Hong Kong came under broad selling pressure, with Lingbao Gold Group Co Ltd (HKG: 3330) falling 3.18% to HK$18.59, Shandong Gold Mining Co Ltd (HKG: 1787) declining 2.43% to HK$18.49, Zijin Mining Group Co Ltd (HKG: 2899) dropping 2.41% to HK$34.58, and Chifeng Jilong Gold Mining Co Ltd (HKG: 6693) slipping 0.86% to HK$34.42.

The precious metals market has been swinging between gains and losses as long-end U.S. Treasury yields continue to climb and the dollar remains strong. The 10-year U.S. Treasury yield has risen to 5.31%, while the 30-year yield has pushed further above 5.7%.

Meanwhile, the minutes from the September Federal Reserve meeting carried a hawkish tone. Although Fed officials were divided on the rationale for rate hikes, they still expect further tightening before the end of the year.

Separately, several U.S. officials said the Pentagon instructed U.S. Central Command days ago to complete preparations for a possible resumption of large-scale military operations against Iran. U.S. and Israeli sources believe such action could occur before the U.S. midterm elections, or ahead of the Israeli elections held a week earlier.