Zijin Mining (02899.HK) saw its stock price soar by 6.39% in intraday trading, riding the wave of a broader rally in Hong Kong-listed gold stocks. This surge comes as spot gold prices reached a new record high, breaking above $3,200 an ounce, driven by mounting concerns over the global economic outlook.

The precious metal's appeal as a safe-haven asset has been significantly bolstered this week, primarily due to ongoing uncertainties surrounding international trade relations. Investors are flocking to gold as a hedge against potential economic turbulence, pushing its value to unprecedented levels. This trend has had a ripple effect across the gold mining sector, with several companies seeing substantial gains.

While Zijin Mining's impressive 6.39% rise stands out, it's part of a sector-wide movement. Other notable performers include Chifeng Gold, which surged by 15%, and China Gold, which saw an 11% increase. Lingbao Gold also posted strong gains with an 8% rise, while Zhaojin Mining and Laopu Gold each climbed by approximately 6%. This collective rally underscores the strong investor sentiment towards gold-related stocks in the current economic climate.

Analysts attribute the heightened interest in gold to the ongoing trade tensions and their potential impact on global economic growth. The volatility in US stocks, bonds, and the dollar has further intensified the appeal of gold as a stable investment option. As one industry expert put it, "Gold is the best place to be in the market now," highlighting the metal's role as a reliable store of value during times of economic uncertainty.