Gold stocks rallied across the board, with ZIJIN MINING (02899) up 3.58% to HK$23.7, CHINAGOLDINTL (02099) gaining 3.24% to HK$87.6, LINGBAO GOLD (03330) rising 1.92% to HK$11.16, and SD GOLD (01787) advancing 1.95% to HK$27.2 as of press time.

On the news front, Powell adopted a notably dovish tone during the Jackson Hole symposium on August 22nd evening, emphasizing rising downside risks to employment and shifting risk balance that may necessitate policy adjustments. The Federal Reserve released a revised "Statement on Longer-Run Goals and Monetary Policy Strategy," returning to "flexible inflation targeting." Following the meeting, trader expectations for a September Fed rate cut increased from 75% to 90%.

Guosheng Securities noted that the significant downward revision in August 1st employment figures indicates U.S. policy rates remain in restrictive territory, establishing the general direction for rate cuts. Powell has removed market concerns about inflation constraining the Fed's rate-cutting path. Originally, the U.S. faced inflationary pressures, and rate cuts could further fuel inflation, driving gold prices higher. The shadow Fed's challenge to Federal Reserve independence also strengthens rate cut trading.

Additionally, UBS expects momentum from the United States to drive gold's rally into next year, raising its June 2025 gold target price by $200 to $3,700 per ounce.