Chifeng Gold (06693) saw its stock soar by 5.99% in pre-market trading, leading a rally among Hong Kong-listed gold stocks. The surge comes as spot gold prices rose to $3,339 per ounce, reflecting growing investor concerns about the US economy and fiscal policies.
The precious metal's price has strengthened for the fourth consecutive day, gaining nearly 4% this week alone. Investors are increasingly turning to gold as a safe-haven asset, driven by skepticism surrounding US President Donald Trump's tax-cut plan and the expanding fiscal deficit. This shift has pushed long-range US Treasury yields to near two-decade highs, further bolstering gold's appeal.
The broader context of economic uncertainty, including a risk-off mood in stock markets and a weakening US dollar, has contributed to gold's resurgence. The metal, which reached an all-time high last month, has gained over 25% year-to-date. As a result, other gold stocks in Hong Kong also saw significant gains, with China Gold rising 4%, Wanguo Gold up 3%, and both Lingbao Gold and Laopu Gold increasing by 1%.
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