Gold prices hit a record high, and Asian gold mining stocks collectively “skyrocketed”

The Zhitong Finance App learned that Asian gold mining companies' stock prices rose sharply on Friday. As gold prices hit a record high, investors sought safe haven assets in a volatile market.

Spot gold prices topped $2,993 per ounce, surpassing the all-time high set on Thursday. As trade tension between the US and the rest of the world intensified, investors poured into this precious metal one after another, and trade tension hit the Wall Street stock market hard.

Weak inflation data released this week strengthened market expectations that the Federal Reserve would cut interest rates further, which also boosted the price of gold.

The Hong Kong-listed mining companies Shandong Gold (01787) and Zijin Mining (02899) were among the biggest beneficiaries. As of press release, both companies' stock prices had risen by more than 5%.

Meanwhile, Chifeng Geelong Gold Mining, which is listed in China, once rose 5.6%, while CICC Gold rose more than 2%.

Among Australian producers, Genesis Minerals Ltd. once surged 8.4% to its highest level since 2011. Westgold Resources Ltd. and Regis Resources Ltd. also both rose by more than 5%, and Japan's Sumitomo Metal Mining Corp. also rose.

Shares of some mainland Chinese jewelers rose this week. Zhejiang Mingpai Jewelry, which is listed on A-shares, hit a 10% rise and fall for the fourth consecutive trading day on Friday. Chow Tai Fook Jewellery Group's stock price has also risen.

However, other jewellery stocks took back gains as investors thought consumers might put off buying because gold prices were at historically high levels.