China Gold-Linked Stocks Shine After U.S. Midterms

By Sherry Qin

Gold-linked stocks shined in Hong Kong and China as the precious metal regained momentum following a slide in oil prices and lower Treasury yields.

After regaining the key $4,000 level in the previous session, spot gold rose another 1.8% to $4,135.18 a troy ounce in Asian trading on Thursday.

Democrats' big win at the midterm elections have raised market expectations for a resolution to the conflict in the Middle East, sending oil prices down over 8% overnight. The election result also sent Treasury yields lower.

Nonyielding gold has benefited from tempered inflation pressures and easing expectations for aggressive monetary tightening by the Federal Reserve.

Chinese gold mining stocks rose broadly. Zijin Gold International jumped 6.1% and Zhongjin Gold was up 4.0%. Shandong Gold-Mining rose 5.6%.

Jewelry companies also benefited from higher gold prices. Laopu Gold gained 9.0% and Luk Fook was up 4.7%.

Given significant consolidation in the gold price from its January highs, the balance of risks has improved, though the near term should remain volatile, said J. Safra Sarasin strategist Claudio Wewel.

In the medium term, institutional actors should continue to buy dips opportunistically, which will provide a floor to prices, he added.

Write to Sherry Qin at sherry.qin@wsj.com

(END) Dow Jones Newswires

November 04, 2026 23:12 ET (04:12 GMT)