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Gold shares glitter on the bourses

International gold prices have surged about 35 percent since November 2008.

The surging prices of the yellow metal globally have triggered demand for gold-related shares on the A-share market.

Leading gold mining shares including Shandong Gold Mining Co Ltd, Zhongjin Gold Corp, Zijin Mining Group Co Ltd, and new entrant Shandong Tyan Home Co Ltd rose sharply after gold prices breached the $1,000 per ounce mark in early September.

While gold prices at the New York Commodity Exchange have surged around 35 percent since November 2008, the Shenwan Gold Index, the gauge of a basket of gold producing companies on the A-share market, has jumped by as much as 150 percent, and surpassed 200 percent at its peak, according to statistics from Wind Info.

As inflation fears and a weaker dollar continue to propel gold demand and peg the prices at the over $1,000 per ounce mark on international markets, more and more analysts have started taking an optimistic stance on the earnings of yellow metal producers.

"Chinese gold miners such as Shandong Gold Mining and Zhongjin Gold Corp will benefit from this round of price surges," China Minzu Securities said in a recent report.

Ma Qianqi, analyst, Central China Securities, said apart from the price surge on the international markets, the Chinese market is also expected to witness larger demand as traditional holidays such as the National Day Holiday is round the corner and would be followed by the Spring Festival.

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 Source : China Daily  Editor: Ivy
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