HK Stock Market Move | Gold mining stocks extend gains as multiple positive factors boost the precious metals market; spot gold strongly breaks through the US$4,100 mark.

Gold mining stocks extend gains. As of press time, Chifeng Jilong Gold Mining (06693) rose 6.35% to HK$33.5; ZHAOJIN MINING (01818) rose 6.45% to HK$18.01; Shandong Gold Mining (01787) rose 4.70% to HK$18.48; LINGBAO GOLD (03330) rose 4.18% to HK$17.46; Zijin Mining Group (02899) rose 4.02% to HK$30.56; CHINAGOLDINTL (02099) rose 3.02% to HK$184.4. On the news front, in the morning of November 5, spot gold continued to climb and, as of press time, had broken through the US$4,100/oz mark, rising more than 1.6% intraday. This round of gold price strength was mainly driven by the results of the U.S. midterm elections as well as the pullback in the U.S. dollar, U.S. Treasury yields, and oil prices. As the midterm election results gradually became clear, Democrats had won the Senate, and mainstream media forecasts also showed the House flipping. The market expects that the Trump administration's subsequent tax, fiscal spending, and some policy initiatives may be constrained by Congress, pushing U.S. Treasury prices higher, with nominal and real yields falling in tandem, while the dollar index also fluctuated lower. A report recently released by the World Gold Council showed that in the third quarter of this year, global central banks and other official institutions added a net 321 tonnes to their gold reserves, up 42% year-on-year, the highest quarterly level since the fourth quarter of 2024. Reserve diversification and risk management remain the core drivers of central bank gold purchases. The latest research report from Commerzbank argued that gold's recent weakness shows clear signs of being oversold and that it remains optimistic about gold's long-term outlook. The core logic is that the U.S. fiscal situation continues to deteriorate, and the market has begun to question whether the high interest rate environment can be sustained over the long term.