According to Zhitong Finance APP, the E Fund Gold Miners ETF (02824) surged more than 6% in the afternoon session. The ETF covers 30 leading mining companies across four major gold-producing regions — China, Canada, the United States, and Australia. During a gold price upcycle, its profit elasticity is significantly higher than that of spot gold, making it a leveraged tool for capturing excess returns in the gold sector. As of press time, it was up 6.09% at HK$9.055, with a turnover of HK$1.8404 million.
On the news front, spot gold continued to rally in the afternoon, breaking through US$3,980 per ounce. The World Gold Council released its Q3 Global Gold Demand Trends report on November 3, showing that global central banks and other official institutions added a net 321 tonnes to their gold reserves in the third quarter, a year-on-year increase of 42%, marking the highest single-quarter level since Q4 2024 and far exceeding the five-year quarterly average. Year to date, global central banks have accumulated 675 tonnes of gold purchases, up 6% year-on-year.
Notably, preliminary vote counts from the 2026 US midterm elections show strong Democratic momentum, with market bets on a "blue wave" sweeping both chambers of Congress rising sharply. China Merchants Securities believes that if Republicans lose both chambers simultaneously, gold and crude oil may relatively outperform in the short term.
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