Gold-related equities are experiencing widespread declines in Hong Kong trading today. At the time of writing, Lingbao Gold (03330) has dropped 3.06% to HK$23.42, Shandong Gold Mining (01787) is down 3.18% at HK$24.94, and Chifeng Jilong Gold Mining (06693) has slipped 1.31% to HK$39.20.

On the macro front, the U.S. Treasury announced on Wednesday that it would raise the maximum amount for a single long-term bond buyback to $6 billion, tripling the originally planned scale from the previous month. However, this measure has failed to curb the ongoing sell-off in the bond market, with the 10-year Treasury yield briefly touching a three-year high during the session. Geopolitically, escalating tit-for-tat strikes between the U.S. and Iran have pushed Brent crude oil prices above the $100-per-barrel threshold for the first time since late July, further intensifying concerns over inflation.

According to CITIC Futures, gold is expected to maintain high-level volatile trading in the near term, with U.S. inflation data this week serving as a key catalyst for the next directional move. Should core inflation continue to moderate, expectations for Federal Reserve rate hikes may cool, and with downward pressure easing on the dollar and real interest rates, conditions could emerge for gold to break higher again. Conversely, if inflation—especially core inflation—exceeds expectations, a confluence of higher oil prices and tighter policy expectations could materialize, leaving gold facing renewed downward pressure.