Late night! Gold and silver surge, oil prices plummet!

Late at night, U.S. stocks collectively declined, gold and silver stabilized and rose, while oil prices plummeted.

On March 24, the three major U.S. stock indices opened lower and then recovered, with the Dow turning positive as of the latest report.

In Chinese concept stocks, tech giants led the gains. As of the latest report, the Wind China Concept Tech Leaders Index rose by 0.19%.

Popular stocks such as WeRide, Li Auto, and Jinko Solar increased by over 4%.

Gold and silver surged. As of the latest report, international spot gold surpassed $4,400, and spot silver broke through $70, both turning from decline to rise during the day. After the domestic futures night session opened, gold and silver prices surged together, with the main contract of Shanghai Gold rising by 0.27%, and the main contract of Shanghai Silver increasing by 2.41%.

Oil prices sharply dropped. As of the latest report, the main crude oil futures contract fell by 2.55%.

On the news front, the latest data shows that U.S. March business activity growth slowed, and expectations for Federal Reserve rate cuts have changed.

Data indicates that the U.S. March Composite PMI Output Index was 51.4, below February’s 51.9, marking the lowest since April last year. The service sector was the main drag, with its business activity index falling to 51.1, the lowest in nearly 11 months.

However, U.S. manufacturing performed relatively well: the U.S. Manufacturing PMI rose from 51.6 in February to 52.4, marking the eighth consecutive month of expansion.

Inflation pressures have become one of the most closely watched signals from this data. The average input costs in March surged significantly, the largest increase in ten months, mainly due to energy price spikes caused by the war. Cost increases have been passed on to sales, with companies’ average selling prices reaching the highest level since August 2022.

In the Middle East, Iran launched the 79th wave of the “Real Commitment-4” operation. The Islamic Revolutionary Guard Corps (IRGC) said this operation involved launching missiles and drones such as “Castle Breaker,” “Habar,” and “Imad,” breaking through multiple Israeli defense systems, targeting intelligence agency sites north and central of Tel Aviv, as well as military and logistics support centers in Ramategan and Negev, and striking key logistics and southern military management centers in Bersa.

Additionally, Philippine President Marcos announced a nationwide energy emergency on the 24th. In an executive order, Marcos stated that the Middle East conflict poses an “imminent threat” to the country’s energy supply. He also authorized the Philippine Department of Energy to take necessary measures to ensure sufficient and stable energy supplies and to mitigate the impact of fuel price increases on production and consumption.

Source: CCTV News, Xinhua News Agency

Editor: Chen Lixiang

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