Chifeng Jilong Gold (6693.HK) climbed 8.4% in Hong Kong trading to HK$44.24 on Friday.

The rally tracked a breakout in spot gold, which cleared the $4,500 per ounce level for the first time, lifting Hong Kong-listed gold miners including Shandong Gold and Zhaojin Mining.

Bullion prices were underpinned after the U.S. Treasury signaled it may expand single-operation buyback sizes beyond $4 billion, a move CICC said would ease long-end rates, weigh on the dollar and erode confidence in U.S. credit — all tailwinds for precious metals. Morgan Stanley's recent stake build in Chifeng Jilong to 8.14% added further conviction.