Chifeng Gold (06693) saw its stock price soar by 6.24% during Wednesday's intraday trading, outperforming the broader market. The significant upward movement comes as spot gold prices surged to $3,092 per ounce, driving a rally across Hong Kong-listed gold stocks.
The precious metal's price increase has had a ripple effect across the gold mining sector. While Chifeng Gold led the pack with its impressive gain, other notable performers included Lingbao Gold, which rose by 4%, and both Wanguo Gold and China Gold, each climbing by 3%.
This sector-wide rally underscores the strong correlation between gold prices and the performance of gold mining stocks. As global economic uncertainties persist, investors often turn to gold as a safe-haven asset, which in turn boosts the prospects of companies involved in gold extraction and production.
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