Chifeng Gold (06693) saw its stock price soar by 7.48% in intraday trading, outperforming the broader rally in gold stocks. This surge comes as spot gold prices hit a remarkable $3,642 per ounce, driven by increasing speculation about potential Federal Reserve rate cuts.

The gold sector in Hong Kong experienced a broad-based rally, with several other gold stocks also posting significant gains. Tongguan Gold rose over 4%, China Gold International climbed more than 3%, while SD Gold and Laopu Gold each advanced over 2%. This sector-wide movement reflects growing investor confidence in gold as a valuable asset.

The rally in gold prices and related stocks is attributed to several factors. Recent US payrolls data has led traders to price in three rate cuts for the year, including a potential quarter-point cut at the Fed's upcoming meeting. Gold, which doesn't pay interest, tends to benefit from lower borrowing costs. Additionally, strong demand from central banks, heightened geopolitical tensions, and concerns about the global economy under President Trump's tariff regime have all contributed to gold's nearly 40% climb this year.

Looking ahead, analysts remain bullish on gold's prospects. Goldman Sachs Group Inc. has suggested that gold could potentially reach nearly $5,000 an ounce if investors shift even a small portion of their holdings from Treasuries to bullion. However, the sustainability of this rally may hinge on upcoming economic data, including a benchmark revision of US jobs data and inflation figures due later in the week. As gold continues to shine, investors will be closely watching these developments and their impact on stocks like Chifeng Gold.