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The Hang Seng Index rose 1.3 per cent to 25,967.62 as of 11am local time, heading for the highest close since October 26, 2021. The Hang Seng Tech Index gained 1.7 per cent.
On the mainland, the CSI 300 Index slipped 0.1 per cent and the Shanghai Composite Index was little changed.
Gold producer Zijin Mining Group rallied 3.7 per cent to HK$28.76 after gold futures topped US$3,600 an ounce, as lower interest rates make bullion more attractive. HSBC Holdings, the biggest component of the Hang Seng Index, rose 0.5 per cent to HK$102.20. Alibaba Group Holding added 2.4 per cent to HK$140.70 and Tencent Holdings gained 1.1 per cent to HK$624.
Money-market traders had now priced in an 89.4 per cent probability of a 25-basis-point reduction by the Fed at its policy meeting next week, according to the CME Group, on the back of a labour market report last week showing a significant decline in job growth in August. The odds of a half-point cut were 10.6 per cent, the data showed.
