HK Stock Market Move | GT GOLD (08299) surged over 7% in the afternoon as the central bank's gold purchases continue to show strong momentum. The Ningnan gold mine is set to become a new growth driver for the company.

GT GOLD (08299) rose more than 7% in the afternoon, reaching an increase of 7.02% at 0.305 HKD, with a trading volume of 14.5818 million HKD. According to the World Gold Council's Q2 data, central bank gold purchasing momentum remains strong, with a net increase of 289 tons in the quarter, a year-on-year growth of 62%, and a significant rebound compared to the previous quarter. The de-dollarization narrative has not been interrupted by adjustments in gold prices. It is reported that the People's Bank of China has continuously increased its gold holdings for 19 months, and there is still considerable room for gold purchases in developing economies. Changjiang stated that the factors related to central bank gold purchases now explain over 60% of the fluctuations in gold prices. Notably, GT GOLD's acquisition of the Ning-shan Gold Mine was officially completed on June 29, with the two processing plants having a combined designed capacity of 1,500 tons per day, and potential capacity reaching 2,000 tons per day. Although there will be a ramp-up process as the technological upgrades are completed and the acquired assets begin trial operations, sustained significant growth can be expected, and the companys output will transition from "single mine" to "multiple blooming."