Gold and related mining shares in Hong Kong moved higher on Oct. 9, with spot gold up 0.98% over the past 24 hours to $4,174 per ounce, according to Bitget market data cited by BlockBeats. In Hong Kong trading, Chifeng Gold, Zijin Gold International, Ganfeng Lithium and Tianqi Lithium each rose more than 5%, while Zijin Mining and Shandong Gold gained more than 4%.
The move came as fresh data from China’s central bank showed the country’s gold reserves reached 77.47 million ounces at the end of September, up 740,000 ounces from a month earlier. The increase marked China’s 23rd straight month of adding to its gold holdings.
Major banks also kept a constructive view on the metal. Goldman Sachs said strong demand from central banks seeking to diversify foreign exchange reserves could lift gold to $4,900 an ounce by the end of 2026. Citi set a 0-3 month target of $4,800 per ounce and a 6-12 month target of $5,000 per ounce, both above the current spot price.
Gold and related mining shares in Hong Kong advanced on Oct. 9, according to Bitget market data cited by BlockBeats.
Among the gainers, Chifeng Gold (06693.HK), Zijin Gold International (02259.HK), Ganfeng Lithium (01772.HK) and Tianqi Lithium (09696.HK) each rose more than 5%. Zijin Mining (02899.HK) and Shandong Gold (01787.HK) were up more than 4%.
Spot gold also moved higher. The metal gained 0.98% over the past 24 hours to $4,174 per ounce.
On the policy side, data from the People’s Bank of China showed the country’s gold reserves stood at 77.47 million ounces at the end of September, an increase of 740,000 ounces from the previous month. That marked the 23rd consecutive month of higher gold holdings.
Large banks kept their bullish calls on gold. Goldman Sachs said strong demand from central banks seeking to diversify foreign exchange reserves could push gold prices to $4,900 per ounce by the end of 2026.
Citi set a 0-3 month target price of $4,800 per ounce and a 6-12 month target of $5,000 per ounce. Both targets are above the current spot price.
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