Hong Kong Financial Secretary: Safe-Haven Assets Like Gold Experience "Sharp Advance and Rapid Retreat" Correction

Odaily News: Hong Kong Financial Secretary Paul Chan Mo-po published a blog post titled "Remaining Positive and Proceeding with Caution," in which he pointed out: Turbulence in global market conditions has triggered intense cross-border capital flows. Even assets considered safe havens, after repeatedly hitting new highs, have experienced corrections. Taking the price of gold as an example, building on gains over the past four years, it surged nearly 30% in January this year, challenging a historical high of $5,600. However, over the past few days, there has been a significant pullback, with prices falling over 12% from the peak at one point. Hong Kong's financial system remains robust and operates smoothly, with total bank deposits exceeding HK$19 trillion. As the global political and economic landscape changes rapidly, risks and volatility will not be insignificant in the coming year.