Gold mining stocks saw a collective rebound in Hong Kong trading today. Zijin Gold International (02259) rose 3.57% to HKD 119.5, Chifeng Gold (06693) climbed 3.2% to HKD 32.24, China Gold International (02099) gained 2.45% to HKD 171.6, and Lingbao Gold (03330) advanced 2.04% to HKD 19.05.

On the news front, over the weekend, President Trump ordered a halt to airstrikes on Iran, ending a nearly two-week-long campaign of daily strikes that had lasted 13 consecutive days. Meanwhile, reports indicate that Oman and Iran have initiated discussions on a new arrangement to reopen navigation through the Strait of Hormuz. As a result, spot gold prices rebounded on Monday, briefly climbing back above the USD 4,100 mark.

Where to focus next

Tongguan Jinyuan Futures analysts suggest that the pause in US-Iran hostilities could lead to a new round of talks this week, reducing geopolitical risks in the Middle East. This development may cause oil prices to retreat, which in turn could ease expectations for interest rate hikes. However, market attention is now turning to the US Federal Reserve. At 2:00 AM Beijing time on July 30, the Fed is set to announce its interest rate decision, followed by a press conference with Fed Chair Kevin Warsh. If the tone turns hawkish, it could weigh on the precious metals market.