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QINGDAO TODAY
在线翻译:
szdaily -> Markets -> 
Gold miners gain as investors seek haven
    2019-06-06  08:53    Shenzhen Daily

CHINA’S gold stocks are the latest haven for spooked investors sheltering from trade spat fallout.

Gold miners are among the top gainers on the MSCI China Index in the past few days. Zhaojin Mining Industry Co. in Hong Kong and Shandong Gold Mining Co. in Shanghai have surged at least 8.6 percent.

Others in the business also gained. Yintai Resources Co. and Chifeng Jilong Gold Mining Co. have risen by at least 13 percent since late May. Gansu Ronghua Industry Group Co. has hit the 10 percent daily limit for two straight days this week, and Zhongrun Resources Investment Corp., which produces minerals, was also up by the limit Tuesday.

“The prospects of China and the United States moving back to the negotiating table have grown dim in the near term, after China published its white paper,” said Alvin Cheung, an associate director at Prudential Brokerage Ltd. in Hong Kong, referring to a State Council document addressing China’s position on the trade dispute and blaming the United States for the breakdown in talks.

“Investors, some of whom are subject to a limit on cash holdings, are fleeing to the safest assets,” Cheung said. “Equity investors are also choosing these stocks, which will benefit from the gold rally.”

Companies in the gold business have benefited as escalating U.S.-China trade tensions hurt the outlook for economic growth, dampening investors’ risk appetite and triggering a flight from equity markets for safer investments. (SD-Agencies)

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