China Gold International Resources (6693.HK) climbed over 8% in Hong Kong trading to HK$43.98, having traded between HK$41.04 and HK$44.20 with turnover of approximately HK$109 million.
Gold miners listed in Hong Kong extended their rally, with Shandong Gold up nearly 5% and Lingbao Gold gaining over 4%. The moves followed spot gold breaking through the $4,500-per-ounce mark after the U.S. Treasury raised the cap on its long-term bond buyback program, pushing U.S. Treasury yields and the dollar lower.
On the corporate side, Morgan Stanley acquired approximately 1.56 million shares in China Gold International Resources at around HK$37.15 apiece on August 13, lifting its stake to 8.14%, or roughly 19.27 million shares. Huayuan Securities maintained an overweight rating on the precious-metals sector, citing waning Federal Reserve rate-hike expectations, a softening dollar and continued gold purchases by central banks worldwide as medium-term tailwinds for bullion prices.