Zijin Gold International (02259) saw its stock price soar by 7.88% in Hong Kong trading on Wednesday, as spot gold prices reached a historic milestone. The precious metal topped $4,000 per ounce for the first time, setting a new record high and driving significant gains in gold-related stocks.

The surge in gold prices comes after an impressive rally, with the precious metal gaining nearly $1,400 year-to-date. This remarkable uptrend in gold prices has been a major catalyst for gold mining companies, as higher gold prices typically lead to improved profit margins and increased investor interest in the sector.

The gold price rally has had a broad impact on the Hong Kong stock market, with several other gold-related stocks also posting significant gains. Chifeng Gold matched Zijin Gold International's 8% increase, while other notable performers included Laopu Gold (up 3%), SD Gold (up 2%), and Tongguan Gold (up 1%). This sector-wide movement underscores the strong correlation between gold prices and the performance of gold mining stocks.