Nonferrous metal shares jumped in Hong Kong market. Zhaojin Mining, Tongguan Gold up over 7%; Lingbao Gold up over 5%; CMOC up over 4%; SD Gold, Zijin Gold Intl up around 3%.

Spot gold rose to a three-month high following the U.S. Treasury's decisive move in the debt market, which has reignited worries over a softening dollar and nudged investors toward alternative assets.

The precious metal advanced as much as 1% to surpass $4,649.92 an ounce, extending its winning streak to a third week. Last week, bullion surged more than 5% after the Treasury unveiled an unexpected expansion of buybacks targeting long-dated government bonds, a step that pushed yields and the greenback lower.

This direct effort to curb borrowing costs has fueled concerns that American policy could erode confidence in the dollar while making other investments more appealing—a revival of the so-called debasement trade that underpinned gold's remarkable 65% surge in 2025. A weaker dollar typically provides a boost to commodities priced in the currency.