LINGBAO GOLD (03330) shares surged 6.97% in intraday trading, as spot gold prices reached a new all-time high of $3,072 per ounce. The rally in gold prices has sparked a broad uptick in Hong Kong-listed gold stocks, with LINGBAO GOLD leading the pack.
The precious metal's record-breaking performance has had a ripple effect across the gold sector. While LINGBAO GOLD experienced the most significant gains, other notable players in the industry also saw substantial increases. SD Gold and China Gold both recorded gains of approximately 3%, underscoring the sector-wide impact of the gold price surge.
Adding to the bullish sentiment, Goldman Sachs has raised its gold price forecast to $3,300. The investment bank cited stronger-than-expected exchange-traded fund (ETF) inflows and sustained central bank demand as key drivers for their optimistic outlook. This upward revision in price targets suggests that the rally in gold stocks, including LINGBAO GOLD, may have further room to run in the near term.
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