At midday on September 29, 2025, international gold prices once again broke through USD 3,800 per ounce, setting a new all-time high. This surge drove Hong Kong-listed gold mining stocks sharply higher, making the sector one of the most closely watched highlights in today’s market. As a globally recognized safe-haven asset, the rapid rise in gold prices has not only reset market expectations but also directly fueled broad gains in related listed companies.

(Image source: GoldPrice.com)

Performance of Hong Kong Gold Stocks

Boosted by the continued rally in gold prices, Hong Kong gold miners surged collectively this afternoon. Tongguan Gold, Lingbao Gold, and Zhoufeng Gold led the gains. Some stocks have multiplied several times year-to-date, reflecting strong investor enthusiasm. Below is the latest data on major gold stocks:

(Data as of Sept 28, 2025)

Among them, Zhoufeng Gold delivered the most impressive performance, with year-to-date gains approaching 700%. Lingbao Gold and Tongguan Gold also recorded accumulative gains of 400%–500%, suggesting a rapid valuation recovery in the sector.

Driving Factors

The collective rally of gold stocks is underpinned by multiple favorable drivers:Gold price highs have significantly lifted earnings expectations for companies along the gold industry chain.Rising global macroeconomic uncertainties, combined with heightened geopolitical risks, have reinforced gold’s appeal as a safe-haven asset.Hong Kong market trading volumes have recovered notably in recent weeks, with southbound capital inflows actively chasing gold-themed stocks and ETFs, both boosting sector liquidity and amplifying momentum.

Market Outlook

Given the influence of global monetary policies and economic volatility, international gold prices are expected to remain elevated and may climb further. Should the Federal Reserve issue more dovish signals, or if overseas economic pressures grow, investors may further increase allocations to gold assets — directly benefiting the profitability of gold mining and refining companies.

Against this backdrop, Hong Kong gold stocks are likely to sustain vibrant trading. Industry leaders, with their scale and cost-control advantages, are best positioned to benefit in the next cycle.

That said, after substantial rallies this year, some stocks are already trading at historically high valuations, making it difficult for them to avoid short-term volatility and divergence. If gold prices retreat, investors may choose to take profits, potentially pressuring smaller-cap companies that have experienced the steepest gains.