Laopu Gold (06181) saw its stock price soar by 7.66% in intraday trading, outperforming the broader rally in Hong Kong's gold sector. The surge comes as spot gold prices reached a new high of $3,642 per ounce, driven by increasing expectations of Federal Reserve rate cuts this year.

The gold rally was fueled by Friday's US payrolls data, which prompted traders to price in three rate cuts for the year, including a potential quarter-point cut at the Fed's upcoming meeting. Gold stocks across the board benefited from this trend, with Chifeng Gold rising over 5%, Tongguan Gold up more than 4%, and China Gold International gaining over 3%. Laopu Gold's impressive 7.66% increase stood out among its peers, reflecting strong investor confidence in the company's potential amid the bullish gold market.

Analysts attribute gold's stellar performance to several factors, including central bank purchases, rate-cut speculation, and increased haven demand due to geopolitical tensions. The precious metal has climbed nearly 40% this year, with some experts, including Goldman Sachs, projecting it could reach as high as $5,000 an ounce. As investors await key US economic data and Treasury auctions this week, the gold market remains poised for potential further gains, which could continue to benefit companies like Laopu Gold in the near term.