Gold-related equities showed renewed strength in Hong Kong trading on Tuesday morning. As of the latest update, Zijin Mining Group Co Ltd (02899) advanced 2.84% to HK$36.94, while China Gold International Resources Corp Ltd (02099) climbed 2.55% to HK$265.20. Zijin Gold International (02259) rose 2.44% to HK$163.60, and Zhaojin Mining Industry Co Ltd (01818) gained 1.37% to HK$22.18.

On the fundamental side, data released by the People's Bank of China on September 7 showed that the nation's gold reserves reached 76.73 million fine troy ounces at the end of August, marking the 22nd consecutive month of expansion in bullion holdings. Meanwhile, China's foreign exchange reserves stood at US$3.438325 trillion at the end of August, up US$19.549 billion from the previous month.

In related commentary, Goldman Sachs noted that while last Friday's US jobs report exceeded expectations, it was "solid rather than overheated," thereby removing one hurdle for a potential September rate hike. However, the investment bank emphasized that Friday's inflation data will be the true deciding factor in the Federal Reserve's policy direction for the coming month.

In a separate research note, Shenwan Hongyuan Securities argued that gold's medium-to-long-term trajectory remains upward, though tactical timing will require waiting for broader macroeconomic alignment. The brokerage framed gold pricing within four key pillars: supply-demand dynamics, fiat currency credibility, US Treasury real yields, and safe-haven demand. The core long-term bullish case for bullion continues to rest on elevated US fiscal deficits and ongoing de-dollarization trends. For the remainder of the year, the firm suggests tracking cyclical fluctuations in US bond yields and volatility indicators as primary trading focuses.