Mining stocks in Asia gain as hard-asset trade gathers pace

By Sherry Qin

Mining stocks rose sharply in Hong Kong and China as gold prices surged past a new milestone on U.S. government shutdown fears, geopolitical tensions and macroeconomic uncertainty.

Spot gold climbed above US$5,000 a troy ounce for the first time on Monday and was last up 2.0% at $5,088.75 a troy ounce.

The rally propelled shares of China- and Hong Kong-listed gold miners higher. Zijin Mining Group climbed 7.1% in Hong Kong and 7.0% in Shanghai. Its gold-mining arm, Zijin Gold International, rose 5.05%. Shandong Gold Mining and Zhongjin Gold were up 5.0% and 10.0%, respectively.

The risk of a U.S. government shutdown rose after Senate Democrats said they wouldn't vote for a funding package without major changes to the homeland security provisions following the fatal Minneapolis shooting by immigration agents.

Lawmakers must get a spending package to President Trump's desk for signature by Friday, or a shutdown could be triggered.

The surge in gold prices is "justifiable given the rise in geopolitical risks and [the] macro environment," William Blair analyst Alexandra Symeonidi said in a note.

The U.S.'s seizure of Venezuela's strongman Nicolas Maduro and President Trump's ambition to annex Greenland have both heightened geopolitical tensions and pushed up prices for the safe-haven asset.

The Fed's policy path is uncertain amid question marks about the U.S. economy and the next Fed leadership, Symeonidi noted, adding that there is growing consensus among market participants that the dollar may remain weak.

Write to Sherry Qin at sherry.qin@wsj.com

Revenue rose 17.23% and net profit attributable to shareholders surged 39.18% year-over-year, driven by higher gold prices and effective operations. Operating cash flow declined 40.54% due to increased outflows, while production of mined gold and electrolytic copper grew.

Original document: Zhongjin Gold Corp., Ltd. Class A [600489] Interim report — Oct. 30 2025

By Sherry Qin

Chinese gold-mining stocks fell sharply after the precious metal retreated amid profit-taking and signs of easing U.S.-China tensions.

Shares of Zijin Mining Group were down 3.65% in Hong Kong and 3.1% in Shanghai by midday Wednesday. Zijin Gold International was off by 2.2%, while Zhongjin Gold fell 4.0%.

That came as gold prices dropped in their biggest decline in more than a decade, just one day after notching new record highs. The front-month contract slid 5.7% to $4,087.70 a troy ounce on Tuesday, its largest percentage drop since June 2013, according to FactSet. The most-active gold futures contract also fell 5.7%, to $4,109.10.

Investors appear to be locking in profits after the yellow metal's historic rally in recent weeks. Spot gold, recently 0.2% lower at around $4,116.58 an ounce, has climbed more than 55% this year.

Analysts at ANZ said the absence of the weekly CFTC report--which shows futures market positions--during the U.S. government shutdown could have increased speculative positions by investors.

"Such positioning had built to substantial levels and ultimately triggered the selloff," the analysts said. However, they still see long-term drivers for the metal's prices despite the pullback.

Hopes of easing U.S.-China trade tensions have also undermined gold's safe-haven appeal. President Trump, who is scheduled to meet with Chinese leader Xi Jinping at the APEC summit in South Korea, has signaled optimism about a trade agreement with China.

"I have a great relationship with President Xi. I expect to be able to make a good deal with him," Trump said at a lunch event on Tuesday.

Write to Sherry Qin at sherry.qin@wsj.com

By Sherry Qin

Mainland Chinese gold mining stocks surged as markets reopened after the Golden Week holiday, catching up with gains in Hong Kong-listed peers after spot gold topped $4,000 a troy ounce amid global political uncertainty.

Zijin Mining Group shares jumped 8.4% by midday Thursday, Shandong Gold Mining gained 10%, the daily limit in Shanghai, and Zhongjin Gold advanced 8.9%.

The rally in gold producers lifted the Shanghai Composite Index 1.2% to 3931.07 by midday, pushing the benchmark above the 3900 level for the first time since August 2015.

China's mainland stock markets had been closed from Oct. 1 to Oct. 8 for the Golden Week holiday.

Spot gold surpassed $4,000 per troy ounce on Wednesday for the first time and last traded at $4,040.46 per troy ounce.

Investors have turned to gold as a safe haven amid an extended U.S. government shutdown that could complicate the Federal Reserve's policy decisions, as well as growing political jitters in France and Japan.

HSBC analysts said that with additional Fed rate cuts expected over the next 12 months, gold prices are likely to be supported in the near term--and Chinese gold miners stand to benefit from the sustained rally.

The recent euphoria around gold has likely also buoyed shares of other metals and mining companies, said Moningstar analyst Kai Wang. Ganfeng Lithium rose 9.1% in Shenzhen, while Jiangxi Copper was up 10% in Shanghai.

"Some investors may be indiscriminately buying hard-metal commodities because of the rise of gold," Wang added.

Write to Sherry Qin at sherry.qin@wsj.com

Revenue and net profit surged in the first half of 2025, with net profit up 54.64% and revenue up 22.90% year-over-year. Key financial ratios improved, and operating cash flow turned positive.

Original document: Zhongjin Gold Corp., Ltd. Class A [600489] Interim report — Aug. 29 2025

Chinese shares rose Thursday on growing market confidence after the country's central bank helped guide the strength of the yuan.

The Shanghai Composite Index, the main gauge of Chinese stocks, rose 0.7% to 3,605.73. The Shenzhen Component Index jumped 1.2% to 11,193.06.

Before Thursday's market open, the People's Bank of China set the midpoint rate at 7.1385 yuan per dollar, stronger than the Reuters estimate of 7.1503 yuan per dollar.

The PBOC's stronger yuan fixing aimed to balance domestic needs with global factors, Reuters cited ANZ's senior China strategist Xing Zhaopeng as saying.

Xing added that a stronger yuan could attract more investment in Chinese assets, with the wealth effect possibly boosting spending and market sentiment as well as helping counter deflation.

In company news, Zhongjin Gold said six Northeastern University students died at its Wunugetushan copper-molybdenum mine in Inner Mongolia, China. Shares of the miner fell 5% Thursday.