Shandong Gold climbs 8% as spot gold tops $4,500 on US bond buyback plan

Shandong Gold (1787.HK) climbed 8% in Hong Kong trading to HK$27.46, touching a session high of HK$27.48 on turnover of approximately HK$784 million.

Spot gold surged past $4,500 an ounce after the US Treasury announced an expansion of its long-term bond buyback program, with single operations potentially exceeding $4 billion. The move pushed 30-year Treasury yields sharply lower and weighed on the dollar, bolstering demand for non-yielding assets. China International Capital Corp said the buybacks erode dollar credibility and are bullish for gold, while CITIC Futures flagged near-term profit-taking risk but maintained a constructive medium-term outlook.

Gold prices are further underpinned by US federal debt surpassing $40 trillion and continued reserve diversification by central banks globally. Mainland-listed precious-metals stocks rallied in tandem, with Zhaojin Gold, Chifeng Gold and China National Gold hitting daily limits.