By Sherry Qin
Mainland Chinese gold mining stocks surged as markets reopened after the Golden Week holiday, catching up with gains in Hong Kong-listed peers after spot gold topped $4,000 a troy ounce amid global political uncertainty.
Zijin Mining Group shares jumped 8.4% by midday Thursday, Shandong Gold Mining gained 10%, the daily limit in Shanghai, and Zhongjin Gold advanced 8.9%.
The rally in gold producers lifted the Shanghai Composite Index 1.2% to 3931.07 by midday, pushing the benchmark above the 3900 level for the first time since August 2015.
China's mainland stock markets had been closed from Oct. 1 to Oct. 8 for the Golden Week holiday.
Spot gold surpassed $4,000 per troy ounce on Wednesday for the first time and last traded at $4,040.46 per troy ounce.
Investors have turned to gold as a safe haven amid an extended U.S. government shutdown that could complicate the Federal Reserve's policy decisions, as well as growing political jitters in France and Japan.
HSBC analysts said that with additional Fed rate cuts expected over the next 12 months, gold prices are likely to be supported in the near term--and Chinese gold miners stand to benefit from the sustained rally.
The recent euphoria around gold has likely also buoyed shares of other metals and mining companies, said Moningstar analyst Kai Wang. Ganfeng Lithium rose 9.1% in Shenzhen, while Jiangxi Copper was up 10% in Shanghai.
"Some investors may be indiscriminately buying hard-metal commodities because of the rise of gold," Wang added.
Write to Sherry Qin at sherry.qin@wsj.com
(END) Dow Jones Newswires
October 09, 2025 01:21 ET (05:21 GMT)
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