Tongguan Gold (00340.HK) saw its stock price soar by 5.43% during intraday trading on Friday, outperforming the 4% rise mentioned in earlier reports. This significant jump comes as gold prices are edging closer to record highs, benefiting gold mining companies across the board.
The surge in Tongguan Gold's stock price can be attributed to the broader strength in the gold market. Investors are closely watching an upcoming inflation reading that could potentially influence the U.S. Federal Reserve's monetary policy decisions. Expectations of possible monetary easing in the United States have been driving gold prices higher, making gold mining stocks more attractive to investors.
Other gold stocks in Hong Kong also experienced notable gains, reflecting the sector-wide optimism. China Gold International Resources led the pack with a 6% increase, while Zhaojin Mining, Chifeng Gold, and Lingbao Gold each rose by 5%. Zijin Mining and Shandong Gold also saw positive movements, rising 3% and 1% respectively. This collective rally in gold stocks underscores the market's bullish sentiment towards gold-related assets in the current economic climate.