Hang Seng Gold ETF jumps over 9% on debut as spot gold hits record
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The Hang Seng Gold ETF (3170.HK) surged over 9% on its debut in Hong Kong as spot gold prices reached a record near $5,600 an ounce. This increase is attributed to investors seeking safety amid geopolitical and economic uncertainties. Gold has risen more than 10% this week, driven by safe-haven demand and central bank purchases. Analysts caution that while the market momentum is strong, caution is advised against buying at elevated prices. E-Fund Management announced a suspension of subscriptions for its Gold Theme Fund due to surging gold prices.
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