Shares in China's Zijin Gold International surged more than 60% on its debut in Hong Kong on Tuesday after raising more than $3 billion in one of the world's biggest initial public offerings this year. The blockbuster opening comes as gold prices continue to hit record highs amid surging demand for the safe-haven asset to head off broader market volatility and expected U.S. interest rate cuts.
The US Treasury's gold reserves have surpassed $1 trillion in value - more than 90 times what's stated on the government's balance sheet - as the precious metal breaks new all-time highs. The world's biggest gold stash passed the milestone after prices rose above $3,824.50 an ounce on Monday, in a 45% rally this year. Its official value, however, based on the $42.22-an-ounce price set by Congress in 1973, is fixed at just over $11 billion.