What happens to your Gold status if you cancel the HSBC Star Alliance credit card within the first year?

Hi all,
I’ve just signed up to the new hsbc card, mainly to fast track to gold status.
I understand that once I meet the required spend, I can choose a star alliance status airline to obtain gold status. Once I select my preferred airline and obtain gold status, do I need to keep the card open to maintain gold status for the first year, or do I keep gold status for the first year regardless of how long I keep the card open?

No. You should keep your status after you cancel. As long as you got Gold then you can safely close the card and the status will simply expire at the stated expiry date.