HK Stock Market Move | ZHAOJIN MINING (01818) rose by over 8%, the prospect of peace between the US and Iran has driven a rebound in gold prices, the company is expected to benefit from strong production growth.

Zhaojin Mining (01818) rose over 8% during trading, as of the time of writing, it had risen 7.09% to 21.46 Hong Kong dollars with a trading volume of 3.28 billion Hong Kong dollars. On the news front, the US-Iran agreement is close to being reached, causing oil prices to plummet and easing market concerns about inflation. Gold prices have seen a strong rebound, with spot gold rising above $4300 this morning. The latest news indicates that the US and Iran have both announced a ceasefire and signed a memorandum of understanding, and Trump has authorized the Strait of Hormuz to be "free and open" and lifted the naval blockade. The official signing ceremony is scheduled to take place in Switzerland on June 19. A Citigroup research report pointed out that the company is expected to benefit from strong production growth. The bank has raised the company's target price from HK$37.5 to HK$41.4 and has maintained a "buy" rating. It is expected that when the situation in the Strait of Hormuz eases, the macro headwinds facing gold may ease, and gold prices may rebound from the bottom. Huatai previously stated that considering the company's offshore projects reaching full production, it may achieve an increase of 10-15 tons of mine gold production, significantly increasing the company's future growth prospects.