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 prospect of a U.S. government shutdown and expectations has added to the upward surge for the precious metal, which hit a peak of $3,867.89 Tuesday.
Analysts say it could soon hit $4,000, having piled on almost 50% since the turn of the year.
Zijin Gold—a unit of Zijin Mining, China’s biggest miner—rocketed 67% to a peak of 120 Hong Kong dollars, valuing it at around 300 billion Hong Kong dollars ($38.6 billion).
