China News Service, Beijing, March 14 (Reporter Chen Kangliang) China's A-shares suffered adjustments on the 14th (Thursday). All major stock indexes fell. The precious metal sector represented by gold bucked the trend and strengthened.
According to data from financial data service provider Oriental Fortune, the precious metals sector rose 2.24% that day, the largest increase. The sector has risen by more than 13% this month.
In terms of individual stocks, Jingui Silver's stock price hit the daily limit (up 10%) that day.
The international spot gold price has been on an overall upward trend recently, once approaching the historic mark of US$2,200 per ounce.
Meng Yexiong, an analyst at China Development Bank Securities, said that safe-haven demand is an important driver of this round of gold price increases.
As an important currency substitute under today's credit currency system, its rising price, in addition to capital speculation, also reflects the market's concerns about the unlimited expansion of credit in today's world. The high debt in the United States and the unknown solution have intensified this concern.
In addition, factors such as the uncertainty about the prospect of interest rate cuts by the Federal Reserve and the sharp decline in the stock prices of New York community banks have also intensified risk aversion in the short term, causing funds to pour into gold and driving up gold prices.
Regarding the future evolution of gold prices, Lin Ling, an analyst at Industrial Securities Futures, believes that gold prices have risen significantly recently, with both bullish and bad data. It is expected that gold prices may fluctuate at high levels in the short term; but in the medium to long term, under the background of the Federal Reserve’s interest rate cut cycle, U.S. Treasuries will There is still some room for downside in yields and real interest rates. Coupled with the unstable international environment, the probability of gold prices fluctuating upward is high.
In terms of the overall market performance that day, as of the close, the Shanghai Composite Index reported 3,038 points, a decrease of 0.18%; the Shenzhen Component Index reported 9,555 points, a decrease of 0.52%; the GEM Index reported 1,883 points, a decrease of 0.64%.
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