Lingbao Gold (03330.HK) shares surged 7.16% in Monday's intraday trading, outperforming the broader market as spot gold prices reached a historic high of $3,100 per ounce. The stock's impressive rally comes amid a broader uptick in gold-related equities, with several Hong Kong-listed gold stocks posting significant gains.

The precious metal's price surge has been driven by a combination of factors, including heightened geopolitical tensions and macroeconomic uncertainties. Investors are particularly concerned about the potential impact of President Donald Trump's expected new tariffs, which have reignited fears of a global trade war. This economic uncertainty has bolstered gold's appeal as a safe-haven asset, propelling its price to new heights.

The bullish sentiment in the gold market has led several major financial institutions to revise their price forecasts upward. Goldman Sachs Group Inc. recently raised its year-end target for gold to $3,300 per ounce, citing stronger-than-anticipated demand from central banks and robust inflows into gold-backed exchange-traded funds. With gold prices up approximately 17% year-to-date and having set at least 15 all-time highs, the rally in gold stocks like Lingbao Gold could continue if the underlying commodity maintains its upward trajectory.