Gold stocks rose again, with Chifeng Jilong Gold Mining Co Ltd (06693) up 5.7% to HKD 39.66, Zijin Gold International (02259) gaining 4.74% to HKD 143.6, Lingbao Gold Group Co Ltd (03330) rising 3.74% to HKD 24.98, Zijin Mining Group Co Ltd (02899) up 3.46% to HKD 37.66, and Zhaojin Mining Industry Co Ltd (01818) climbing 3.26% to HKD 24.7.

On the news front, the disappointing nonfarm payrolls data, combined with ongoing central bank gold purchases, fueled a strong rebound in international gold prices, which surged over 7% last week, marking the biggest single-week gain this year. The U.S. July nonfarm payrolls total decreased by 23,000 month-on-month, with the previous two months' employment data cumulatively revised down by 103,000, indicating a slowdown in overall hiring momentum. Following the data release, federal funds rate futures further reduced pricing for rate cuts this year. Additionally, the People's Bank of China accelerated its gold purchases in July, increasing reserves by 19.91 tons month-on-month, marking the 21st consecutive month of adding to its gold holdings.

UBS believes that gold has three major medium- to long-term supports: falling real interest rates reigniting investment demand, a weakening U.S. dollar promoting diversified asset allocation, and continued high-level central bank purchases. It suggests viewing a gold price decline to $4,000 as a strategic entry opportunity. BCA Research's chief strategist also stated that gold prices may have further upside potential, and could even reach new all-time highs.