HK Movers | Gold Stocks Jump as Gold Hits Record Highs
Tiger Newspress
Oct 17
Gold stocks jumped in Hong Kong. Laopu Gold and SD Gold rose 4%; Chifeng Gold rose 3%; Zijin Gold International, Zijin Mining, and Tongguan Gold rose 2%.
Gold hit a record high for the fourth straight session on Thursday and soared past $4,300 an ounce as investors flocked to the safe-haven metal on brewing U.S.-China trade tensions and the U.S. government shutdown, with rate cut bets fueling the momentum.
The yellow metal has gained over 60% year-to-date, driven by geopolitical tensions, aggressive rate-cut bets, central bank buying, de-dollarisation and robust ETF inflows.
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