Gold-Mining Stocks Jump After U.S.-Iran Cease-Fire
Gold-mining stocks surged following a U.S.-Iran cease-fire, with Zijin Mining Group's shares rising 6.9% in Shanghai and 6.7% in Hong Kong. Spot gold increased by 2.1% to $4,800.22 per ounce, while silver rose 4.5% to $76.25. The cease-fire may stabilize shipping and support gold prices, as demand remains strong, particularly from China's central bank, which has been purchasing gold for 17 months. Analysts suggest that if the cease-fire holds, it could lead to a long-term price recovery for gold.
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