Gold stocks fluctuated higher. As of press time, SD GOLD (01787) rose 3.35% to HK$19.15; CHIFENG GOLD (06693) gained 3.18% to HK$35.7; ZIJIN GOLD INTL (02259) advanced 2.73% to HK$142.8; and ZHAOJIN MINING (01818) climbed 1.49% to HK$17.76.

On the news front, Federal Reserve voting member and New York Fed President Williams stated that after the September rate hike, "there is no need to act in a hurry"; if the economy meets expectations, there may be one more rate hike this year; more data will help the Fed decide the next direction of interest rate policy; and bringing inflation back to the 2% target is crucial. After Williams said he was "in no rush to act," traders reduced their bets on a Fed October rate hike, with market-implied odds for an October increase falling from about 70% to around 50%.

Driven by the U.S. release of reserves and the gradual recovery of crude oil flows from the Middle East, international oil prices fell significantly, while gold prices rebounded from an eight-week low. Spot gold briefly touched a high of $4,187 this morning before pulling back somewhat. CITIC Futures believes that the sustainability of gold's rebound depends on whether cooling growth can drive real interest rates lower. Going forward, focus should be on PCE inflation and nonfarm payrolls: easing inflation and cooling employment would help reduce tightening pressure.