On Monday, the Chinese A-share market rose, with all major stock indices turning red. The precious metal sector, represented by gold, performed well with the highest gains. According to financial data service provider Dongfang Wealth, the precious metal sector rose 2.83% on the same day. In terms of individual stocks, the stock price of Jingui Bank achieved a daily limit up of 10%. The international gold price has shown impressive performance recently. The most active April gold futures market on the New York Mercantile Exchange rose $41 on March 1st, closing at $2095.7 per ounce, a 2% increase. Baocheng Futures analyst Long Aoming said that the main reason for the recent sustained rise in international gold prices is: on the one hand, the February Manufacturing Purchasing Managers Index recently released by the Institute for Supply Management (ISM) in the United States is lower than market expectations, and market expectations for the Federal Reserve's monetary policy to shift towards easing have heated up, driving up gold prices; On the other hand, the risk events related to the New York Community Bank in the United States have hit, and hedging sentiment has also driven gold prices to strengthen. According to media reports, due to issues with the loan review process, New York Community Bank wrote down $2.4 billion in goodwill, resulting in a significant increase in losses in the fourth quarter of last year compared to the previously disclosed data. Affected by this, the stock price of New York Community Bank in the United States fell by more than 25% in the latest trading day, and multiple rating agencies downgraded the bank's rating. The New York Community Bank is the largest community bank in New York, and its recent turmoil has also raised concerns in the market about the operational status of regional banks in the United States. Huachuang Securities analyst Ma Jinlong believes that the Federal Reserve's interest rate cut this year is the trend, and the market generally believes that the US and China Federal Reserve will start cutting interest rates in 2024. As the Federal Reserve initiates a rate cutting cycle, gold prices are expected to strengthen, benefiting relevant sectors. In terms of the overall performance of the market on that day, as of the close of the day, the Shanghai Composite Index was at 3039 points, with an increase of 0.41%; The Shenzhen Component Index closed at 9438 points, up 0.04%; The ChiNext Index closed at 1834 points, up 0.59%. (Lai Xin She)
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