Gold prices have risen again! A new "historical high"
On the 24th, the People's Bank of China announced a 0.5 percentage point cut in the reserve requirement ratio and a 20 basis point cut in the policy interest rate. The monetary policy is expected to release about 1 trillion yuan of long-term liquidity, further reduce corporate financing and resident credit costs, and launch two innovative tools to support the stable development of the stock market.
The People's Bank of China's monetary policy supports stable growth
China's monetary policy "combination punch" triggered positive feedback from overseas markets. The Nasdaq China Golden Dragon Index of U.S. stocks rose 9.13% on Tuesday, the largest single-day increase in two years. Among the popular Chinese concept stocks, stocks in categories such as retail, e-commerce, and non-essential consumer goods rose sharply. JD.com rose nearly 14%, Xpeng Motors and NIO rose more than 11%, and Ctrip.com, Vipshop, and NetEase rose more than 8%.
Investors increased their bets on the prospect of the Federal Reserve cutting interest rates by another 50 basis points in November, and the U.S. Treasury yields fell, pushing up international gold prices on Tuesday, setting a new record closing high. As of the close, the December gold futures price on the New York Mercantile Exchange closed at $2,677.0 per ounce, up 0.92%.
There are signs of escalating tensions in the Middle East, triggering investors' concerns about major oil-producing countries being involved in the conflict; a new hurricane may hit the Gulf of Mexico in less than 72 hours, and several US oil companies have begun evacuating employees from offshore platforms; the People's Bank of China has cut interest rates and reserve requirements, which is beneficial to the growth of oil consumption demand. The above factors combined pushed up international oil prices on Tuesday.
As of the close, light crude oil futures for November delivery on the New York Mercantile Exchange closed at US$71.56 per barrel, up 1.69%; London Brent crude oil futures for November delivery closed at US$75.17 per barrel, up 1.72%.