Several gold-related equities are showing upward momentum in Thursday's trading session. As of the latest update, CHINAGOLDINTL (02099) advanced 3.76% to HKD 276, while ZIJIN GOLD INTL (02259) climbed 3.5% to HKD 165.6. ZIJIN MINING (02899) rose 2.16% to HKD 37.76, and LINGBAO GOLD (03330) gained 1.86% to HKD 24.04.

On the market front, spot gold surged during the afternoon session on September 9, reclaiming the $4,400 per ounce threshold intraday with gains exceeding 1%. This rally put an end to the three consecutive sessions of decline witnessed previously.

Of particular note, the People's Bank of China increased its gold reserves by 650,000 ounces (approximately 20.2 tons) in August. Despite gold prices climbing nearly 10% during the same period, the central bank accelerated its accumulation pace, extending its consecutive monthly purchases to 22 months.

According to CITICS Futures, the combined effect of central bank purchases and ETF inflows has diversified the sources of gold buying, thereby strengthening demand resilience. Meanwhile, SHFE Futures analysts pointed out that escalating geopolitical tensions in the Middle East have pushed international oil prices higher once again, exerting some downward pressure on precious metal prices.

The August non-farm payroll data significantly surpassed market expectations, slightly elevating the probability of a September rate hike. However, the decisive factor for any policy move remains the August CPI data, which is scheduled for release on September 11.