Gold-related stocks saw broad gains in early Hong Kong trading on Thursday. Lingbao Gold Group Co Ltd (HKG: 03330) rose 4.75% to HKD 19.86, China Gold International Resources Corp Ltd (HKG: 02099) gained 4.72% to HKD 184.20, and Zijin Gold International Group Co Ltd (HKG: 02259) advanced 4.76% to HKD 123.30. Chifeng Jilong Gold Mining Co Ltd (HKG: 06693) also moved higher, up 4.36% to HKD 34.46.

On the news front, spot gold staged a strong reversal on Wednesday, rallying sharply after the Federal Reserve announced it would hold interest rates steady, reclaiming the USD 4,100 mark. The Fed kept the federal funds rate target range unchanged at 3.5% to 3.75%, although three regional Fed presidents dissented, voting in favor of a 25-basis-point rate hike, signaling growing internal support for tightening monetary policy.

Adding to market volatility, renewed geopolitical tensions in Iran sent Brent crude oil surging as much as 8% back above USD 90 a barrel, while the 30-year US Treasury yield spiked to its highest level since June 2007.

What lies ahead for gold stocks?

Analysts at Everbright Futures noted that the Fed's decision has been digested, and gold's performance of initially falling before rebounding suggests the market's primary focus remains on Fed policy. With the probability of a September rate hike rising, even if gold stages a short-term rebound, investors should remain cautious. For gold itself, the overall strategy should be defensive, navigating the current cycle of geopolitical instability and macro uncertainty. With the outlook unclear, traders are advised to maintain light positions and observe the market closely.