HK Stock Market Move | Spot gold has reclaimed the US$4,000 mark. Chifeng Jilong Gold Mining (06693) rose over 14%, and LINGBAO GOLD (03330) rose over 12%.

Gold mining stocks surged sharply in the afternoon. As of press time, Chifeng Jilong Gold Mining (06693) rose 14.03% to HK$30.4; LINGBAO GOLD (03330) rose 12.01% to HK$16.04; ZIJIN GOLD INTL (02259) rose 10.63% to HK$129; ZHAOJIN MINING (01818) rose 8.89% to HK$16.65. On the news front, spot gold continued to climb in the afternoon and, as of press time, had broken through US$4,000, up 1.92% intraday. The World Gold Council released its Q3 "Gold Demand Trends" report on November 3. In the third quarter, net gold purchases by global central banks and other official institutions rose by 321 tonnes year-on-year, up 42%, marking the highest quarterly level since Q4 2024. Combined with weaker oil prices easing inflation expectations, the precious metals sector is seeing a recovery. Vote counting is intensifying in the US midterm elections. On Polymarket, the probability of a Democratic sweep of Congress is currently as high as 99%. Analysts noted that Democratic control of Congress could lead to cuts in war funding, potentially easing US-Iran tensions, which in turn would push down energy prices, lower inflation expectations, and drive bond yields and the dollar lower, providing a boost for gold.