US Stock Movement | Gold price surged 4% in a single day, breaking the 4500 mark; Silvercorp Metals (SVM.US) shares closed up over 9%

According to Zhitong Finance APP, overnight U.S. stock market closed with precious metals sector stocks rising sharply. Silvercorp Metals (SVM.US) closed up 9.27% on Wednesday at $12.610, with the stock up more than 50% cumulatively so far this year.

On the news front, due to the U.S. Treasury expanding bond repurchases to boost the bond market, gold prices surged on Wednesday, breaking through $4,500 per ounce to reach a nearly three-month high. The buyback news led to a decline in both U.S. Treasury yields and the U.S. dollar, reducing the cost of holding gold and enhancing its appeal, directly driving up gold prices. In addition, the total U.S. federal government debt has now surpassed $40 trillion. The rapid rise in U.S. debt has begun prompting global central banks to diversify their reserve assets, gradually making them important buyers in the gold market.

It is reported that recently, Canadian mining company Silvercorp Metals (SVM.US) announced the first batch of 29 drill assay results from its Chaarat Kyzyl-Tash gold mine in Kyrgyzstan. The batch of drilling data was generally impressive, with standout core metrics. In addition, Silvercorp simultaneously holds high-quality reserve assets such as the Condor gold-silver mine and El Domo copper-gold mine in Ecuador. In the long term, the company is set to complete a full transition from a traditional cyclical silver company to a leading dual-focus gold and silver firm, fully unlocking its long-term growth potential.