The retreat came after data showed that inflation exceeded government targets last month, signaling higher interest rates that may slow the world's second-biggest economy.
The gold price in Hong Kong moved up HK$156 to close at HK$14,156 per tael on Wednesday, according to the Chinese Gold and Silver Exchange Society.
Hong Kong stocks slipped on Wednesday as heavyweight HSBC fell. The benchmark Hang Seng Index moved down 44.2 points to close at 23,291.8 points, after trading between a day high of 23,509.01 points and a day low of 23,232.42 points.
The ChiNext Index, launched by the Shenzhen Stock Exchange (SZSE) on June 1, 2010, edged down 0.13 percent, or 1.25 points, to 929.95 Wedensday.
China's stock index futures closed lower Wednesday with the contract for May, the most actively traded, down 0.26 percent from the previous close to 3,139.8.
Chinese shares dropped Wednesday after the release of inflation data which rose 5.3 percent in April from a year ago.
Stocks on the Chinese mainland rose, driving the benchmark index's biggest gain in a week, as a jump in exports to a record bolstered confidence the world's second-biggest economy can avoid a slump in growth.
e Chinese currency renminbi, or the yuan, Wednesday gained two basis points from the previous trading day to hit a record new high of 6.4948 per US dollar.
China Securities Regulatory Commission (CSRC) will partially loosen restrictions on the refinancing of nine industries, Oriental Morning Post reported Tuesday.
An article published in Monday's People's Daily said that China's A share market doesn't enable its investors to fully share the fruits of economic growth and suggested the problem lies with the market system, New Express Daily reported Tuesday.
China's stock index futures closed higher Tuesday with the contract for May, the most actively traded, up 0.77 percent from the previous close to 3,149.4.
Chinese shares rose for the second consecutive day Tuesday, led by strong power and material firms.