Shares of China Gold International Resources Corp. Ltd. rose sharply on Tuesday, tracking gains in spot gold prices that approached record levels.
The Toronto-listed miner, which operates gold and copper assets in China, gained as much as 12% in midday trading, extending a recent upward trend. The move followed a rally in gold futures, which climbed to within roughly $20 of their all-time highs set in December 2023.
Analysts attributed the stock’s advance to the broader strength in precious metals, driven by sustained central bank purchases and geopolitical uncertainty. China Gold International, which reported a 5% increase in gold production in its most recent quarter, has seen its shares outperform peers amid elevated gold prices.
The company’s stock has gained about 25% over the past month, outpacing the S&P/TSX Gold Index, which rose 10% over the same period. Market participants noted that the surge reflected both sector momentum and company-specific factors, including operational improvements and favorable cost management.
Gold prices remained elevated above $2,300 per ounce, supported by safe-haven demand and expectations that major central banks, including the U.S. Federal Reserve, may delay interest rate cuts. The metal’s rally has broadened beyond traditional drivers, with retail and institutional investors increasing allocations to gold-backed exchange-traded funds.
China Gold International Resources did not immediately respond to requests for comment.
