Hong Kong–listed gold stocks surged on Monday, boosted by rising bullion prices as weak U.S. economic data strengthened expectations for a Federal Reserve interest rate cut.
The July U.S. nonfarm payroll report showed just 73,000 job gains—well below forecasts—along with significant downward revisions to previous months. The unemployment rate climbed to 4.2%, reinforcing concerns over slowing U.S. economic growth. This disappointing labor data triggered a sharp drop in Treasury yields and the U.S. dollar, increasing demand for safe-haven assets such as gold.
Spot gold prices soared more than 2% on Friday, topping $3,360 per ounce, before easing slightly on Monday due to profit-taking. Despite the pullback, gold’s strong rally underscored its appeal as a hedge against economic uncertainty.
Hong Kong’s gold mining stocks benefited directly from the rally. Lingbao Gold (HK:3330) jumped over 7% by 03:54 GMT, while Chifeng Jilong Gold Mining (HK:6693) surged more than 9%. Shandong Gold Mining (HK:1787) advanced nearly 10%, marking one of the sector’s best performances of the day. Zijin Mining (HK:2899), China’s largest gold producer, climbed over 2%, and Tongguan Gold Group Ltd (HK:0340) gained 4.4%.
While gold shares surged, Hong Kong’s broader Hang Seng Index traded only 0.5% higher, highlighting the sector-specific boost from precious metal gains. Investors are closely watching upcoming U.S. economic data and Fed commentary for further clues on monetary policy direction.
With market sentiment increasingly favoring safe-haven investments, analysts say gold prices could remain elevated if economic growth fears persist. A potential Fed rate cut later this year may further support bullion demand and keep Hong Kong–listed gold stocks in focus for investors seeking defensive plays.


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