Gold-related equities extended their gains during the afternoon session. Zijin Gold International (02259) climbed 5.56% to HK$138.7, while Tongguan Gold (03330) rose 4.82% to HK$2.72. Zijin Mining (02899) advanced 3% to HK$36.36, and Zhaojin Mining (01818) gained 2.91% to HK$24.04.

The catalyst comes as the Bank of Korea has revived its gold purchasing plan after more than 13 years, simultaneously preparing to invest in gold ETFs. The head of the foreign exchange reserve management department at the Bank of Korea stated that rising geopolitical risks have increased market attention on gold's safe-haven properties. Additionally, with gold prices retreating from their peaks, price pressure has eased, leading the bank to conclude that expanding gold holdings is necessary.

This strategic shift by the Bank of Korea aligns with the broader trend of global central banks accelerating their gold purchases. Huachuang Securities released a research note stating that weakening short-term inflation and employment data have cooled expectations for interest rate hikes, opening a window for gold to recover. Global ETF funds are gradually shifting to net inflows, which is expected to boost gold investment demand.

Over the medium to long term, central bank buying provides a supportive floor for gold prices, and the logic of de-dollarization remains intact. The brokerage believes that the bottom for gold is relatively clear at current levels, with valuations expected to continue recovering. The medium-to-long-term allocation value is prominent, and the firm recommends focusing on the gold sector and related assets, particularly industry leaders and companies with clear growth trajectories.