Gold-related stocks are leading the decline in Hong Kong trading. As of the latest update, Lingbao Gold (03330) fell 7.36% to HK$22.9, while Chifeng Gold (06693) dropped 5.84% to HK$40.92. SD Gold (01787) declined 5.08% to HK$25.42, and Zijin Mining (02899) slipped 3.85% to HK$36.96.

On the news front, spot gold initially surged during the morning session, approaching $4,700 per ounce before a sharp reversal. The precious metal has now turned lower, falling below $4,630 per ounce. Earlier on Monday, reports emerged that the U.S. Treasury is considering utilizing funds from the Treasury General Account (TGA), which holds nearly $1 trillion, to support the recently expanded U.S. Treasury buyback program. This development briefly pushed yields on 10-year and 30-year U.S. Treasuries lower.

It is worth noting that U.S. Treasury Secretary Bessent held a press conference on the afternoon of the 24th, announcing a new round of sanctions aimed at "economically isolating" Iran, intensifying pressure on the country. Meanwhile, analysts at Green Dahua Futures believe that gold and silver remain in an upward trend in the short term, but caution that after consecutive gains, there is a risk of pullback as prices enter a previously dense trading zone.