Hong Kong-listed gold mining stocks surged on Monday, fueled by growing expectations that the U.S. Federal Reserve could move toward monetary easing following weaker-than-expected U.S. jobs data.
The July nonfarm payrolls report showed only 73,000 jobs added, with the unemployment rate rising to 4.2%. The disappointing figures triggered a sharp drop in U.S. Treasury yields and the dollar, pushing spot gold above $3,360 per ounce on Friday—its biggest single-day gain in weeks—before easing slightly on Monday.
Gold miners tracked the rally: Chifeng Jilong Gold Mining jumped 9%, Shandong Gold surged nearly 10%, Lingbao Gold advanced 7%, Tongguan Gold climbed 4.4%, and Zijin Mining added 2%.
In contrast, the Hang Seng Index edged up just 0.5%, underscoring the strong safe-haven appeal of gold- and silver-related stocks amid heightened economic uncertainty.