Home » Gold prices hit new highs! Gold prices are expected to continue to rise as expectations of a rate cut by the Federal Reserve rise!The net profits of these gold stocks have surged_Oriental Fortune Network

Gold prices hit new highs! Gold prices are expected to continue to rise as expectations of a rate cut by the Federal Reserve rise!The net profits of these gold stocks have surged_Oriental Fortune Network

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Gold prices hit new highs! Gold prices are expected to continue to rise as expectations of a rate cut by the Federal Reserve rise!The net profits of these gold stocks have surged_Oriental Fortune Network

SHFE gold prices hit all-time high

On the night of March 4, the intraday price of SHFE gold hit a record high of 498.24 yuan/gram. The night trading on March 4 saw SHFE gold prices fluctuating at high levels, closing up 1.89% at 498 yuan/gram, with the intraday price reaching a maximum of 498.24 yuan/gram, marking a new all-time high.

Simultaneously, the international gold price also continued to rise, with COMEX gold reaching an intraday high of $2,128.4 per ounce on March 4, just shy of the all-time high of $2,152.3 per ounce. The market reaction was fueled by Federal Reserve Governor Waller’s proposal to adjust the balance sheet, causing U.S. bond yields to plummet and gold prices to surge.

Furthermore, concerns about the U.S. banking sector, particularly after the stock price of New York Community Bank plummeted, have also contributed to the uptrend in gold prices. With weakening U.S. economic data and expectations for a Federal Reserve interest rate cut, gold is expected to continue its upward momentum.

In light of these developments, gold concept stocks in the A-share market have seen a surge in net profits. According to Securities Times·Databao, there are 21 gold concept stocks with net profits exceeding 100 million yuan in 2023, with companies like Zijin Mining, CICC Gold, and Shandong Gold leading the pack.

Zijin Mining, for instance, is expected to achieve a net profit of approximately 21.1 billion yuan in 2023, driven by robust performance in copper and gold tonnage. Other companies like Xingye Silver Tin and Cuihua Jewelry have also witnessed significant net profit growth, reflecting the positive outlook for the gold market.

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Overall, with expectations for a Federal Reserve interest rate cut on the rise and gold prices hitting new highs, the future looks bright for gold investors and related stocks. Investors are advised to stay informed and proceed with caution in this volatile market environment.

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