Hang Seng futures closed the night session down 0.91% at 25,674, trading 242 points below the spot index.

Pakistan Prime Minister Shahbaz Sharif is undertaking a two-day visit to Saudi Arabia to consolidate bilateral ties and discuss regional and international issues. He is scheduled to meet Crown Prince Mohammed bin Salman. The Pakistani delegation includes the deputy prime minister and foreign minister, the army chief of staff, the chief of defence and other ministers. On the US-Iran conflict, a Pakistani foreign ministry spokesperson said Islamabad is consulting with other countries on the Middle East crisis and the security situation in the Strait of Hormuz and will continue efforts to seek a comprehensive, sustainable resolution.

央行購金和亞洲投資者需求的重要性持續上升，這兩類資金未必完全跟隨美國利率、美元和通脹變化。這並不代表實際利率已經失效，而是黃金的定價驅動變得更多元。短期內，收益率上升仍可能製造壓力；但如果緊政策最終導致增長、通脹或金融體系中的某一環節“出問題”，長期收益率回落，再疊加央行和亞洲需求，黃金仍可能獲得支撐，只是未必重演2025年的超額漲幅。