Record-breaking gold spot prices have led to a surge in gold-related stocks on the Hong Kong market. Lingbao Gold ($LINGBAO GOLD 03330.HK$) saw a near 20% increase at one point, hitting a stage high of HK$3.57. Zijin Mining ($ZIJIN MINING 02899.HK$) climbed over 7% to a historic high of HK$16.78, while Zhaojin Mining ($ZHAOJIN MINING 01818.HK$) approached a new peak since September 2023, rising close to 10%. Shandong Gold ($SD GOLD 01787.HK$) increased over 12%, reaching a high not seen since May 2023.
The moderate US inflation figures raised the possibility of a Federal Reserve rate cut, while the spot price of gold in New York continued to set record highs, reaching an all-time peak of US$2,265.651 per ounce the previous day.
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