China Gold International Resources Corp. Ltd. (CHINAGOLDINTL, 02099.HK) saw its stock soar by 5.08% during intraday trading on Monday, as gold prices surged to unprecedented levels. The rally in CHINAGOLDINTL's stock price aligns with a broader uptrend in Hong Kong-listed gold stocks, triggered by spot gold hitting $3,100 per ounce for the first time in history.
The precious metal's price surge comes amid heightened global economic uncertainties, particularly concerns over potential trade tensions. Market observers note that gold has gained approximately 17% year-to-date, achieving at least 15 all-time highs. This rally has been fueled by central bank buying and increased haven demand in response to rising geopolitical and macroeconomic uncertainties.
As gold continues its bullish run, major financial institutions are revising their price targets upward. Goldman Sachs Group Inc. recently raised its forecast for gold to $3,300 per ounce by year-end, citing stronger-than-anticipated central bank demand and robust inflows into gold-backed exchange-traded funds. This optimistic outlook for gold prices is likely to continue supporting gold-related stocks like China Gold International in the near term.
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