Stock Track | ZIJIN MINING Soars 5% Intraday as Gold Sector Rallies on Central Bank Buying and Strong Fundamentals

Stock Track08-06 09:37

ZIJIN MINING surged 5.00% intraday, leading a broad rally in the gold sector as international gold prices stabilized around the $4,000 level and sustained central bank purchases provided strong floor support.

China's central bank has increased gold reserves for 20 consecutive months, with estimated monthly purchases of 67 metric tons — far exceeding the pre-2022 average of 17 metric tons. This persistent buying has underpinned gold prices and boosted investor sentiment across the sector. Other gold miners also rallied, with LINGBAO GOLD, ZHAOJIN MINING, and SD GOLD all posting notable gains.

The company's fundamentals added further momentum: H1 net profit attributable to shareholders is expected to reach 39.1 billion yuan, up 68% year-over-year, while gold production rose 15% to 47 tons. Additionally, the termination of a 5.5 billion CAD Allied Gold acquisition — replaced by a 416.6 million CAD subscription for a 9.2% stake — has removed significant M&A uncertainty, clearing a key overhang on the stock.

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