BLBG:Zijin Gains in Hong Kong as Gold Price Set for Weekly Gain
Zijin Mining Group Co., China’s biggest gold miner by market value, is set for its biggest gain in more than two years in Hong Kong as the price for the precious metal headed for its first weekly advance in five.
Zijin surged as much as 16 percent to HK$2.45, the most since March 2009. It was at HK$2.38 at 11:22 a.m. Hong Kong time as the benchmark index advanced 3.2 percent. The stock pared its decline for the year to 50 percent.
“Gold prices may be supported by a rise in other metals such as copper,” said Ka Kei Lam, associate director of Redford Securities in Hong Kong. Zijin “is playing a bit of catch-up.”
Gold for immediate delivery gained 0.8 percent to $1,663.75 an ounce at 11:35 a.m. in Hong Kong, boosted by speculation that policy makers in Europe will step up measures to contain the region’s debt crisis.
To contact the reporter responsible for this story: Michelle Yun at myun11@bloomberg.net
To contact the editor responsible for this story: Rebecca Keenan at rkeenan5@bloomberg.net
