China Gold International Resources Corp. Ltd. (CHINAGOLDINTL) saw its stock soar by 5.08% in intraday trading, riding the wave of a broader rally in gold stocks. The surge comes as spot gold prices reached an unprecedented $3,100 per ounce, setting a new all-time high and driving investor interest in gold-related equities.
The precious metal's rally is attributed to several factors, including heightened geopolitical tensions and macroeconomic uncertainties. Investors are particularly concerned about the potential impact of President Donald Trump's expected tariff announcements, which have raised fears of an escalating global trade war. These factors have bolstered gold's status as a safe-haven asset, driving up demand and prices.
The bullish sentiment in the gold market has prompted major financial institutions to revise their price forecasts upward. Goldman Sachs Group Inc. has notably increased its year-end target for gold to $3,300 an ounce, citing stronger-than-anticipated central bank demand and substantial inflows into gold-backed exchange-traded funds (ETFs). This optimistic outlook is likely to continue supporting gold stocks, including China Gold International, in the near term.
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