Lingbao Gold (03330.HK) saw its stock price soar by 5.13% in Friday's trading session, riding the wave of a broader rally in gold-related stocks. This upward movement comes as the precious metal inches closer to record high prices, fueled by investor anticipation of a crucial US inflation reading that could influence monetary policy decisions.
The surge in Lingbao Gold's stock price reflects the overall positive sentiment in the gold market. Investors are closely watching for signs that could prompt the US Federal Reserve to ease its monetary policy, a move that typically benefits gold prices. The upcoming inflation data is seen as a key indicator that could drive gold prices even higher, potentially breaking previous records.
Lingbao Gold wasn't alone in its ascent. Other Hong Kong-listed gold stocks also experienced significant gains, with China Gold International Resources jumping 6%, while Zhaojin Mining and Chifeng Gold matched Lingbao's 5% increase. This collective rise underscores the growing investor interest in gold-related assets as a hedge against potential economic uncertainties and as a beneficiary of possible monetary easing.