Zhong Guo Ji Jin Bao·2026-02-02 07:35Market Overview - Precious metals experienced a significant crash, with spot silver erasing all gains for the year, plummeting by 14%, while gold fell approximately 10% [2] - International metal prices saw a widespread decline, with notable drops in various commodities [4] Price Movements - New York gold dropped by 9.01% to $1,900.87, platinum fell by 10.40%, copper decreased by 5.75%, and nickel dropped by 8.00% [5] - Domestic futures contracts also hit their limit down [6] Global Market Impact - The crash in gold and silver prices negatively affected global stock markets, with the South Korean stock market falling by 5% and Japan's market initially rising by nearly 2% before closing down over 1% [7] - Major indices in Asia, including the Korean Composite Index and the Nikkei Index, reported declines of over 2% [8][11] Investor Sentiment - Analysts noted that the market's movements reflect a reduction in risk appetite among investors, who are reassessing positions amid high valuations and tightening financial conditions [9] - The selection of Kevin Warsh as the next Federal Reserve Chair is seen as a catalyst for the shift towards a more hawkish monetary policy, contributing to a stronger dollar and impacting commodity markets [9][10] Sector Performance - In the A-share market, all three major indices fell over 2%, with the Shanghai Composite Index down by 2.48% and the Shenzhen Component Index down by 2.69% [11] - The resource sector faced collective adjustments, particularly in precious metals and oil and gas, with several stocks hitting their daily limit down [14] Stock Specifics - In the A-share market, 771 stocks rose while 4652 stocks fell, with notable strength in the electric grid equipment sector and continued gains in liquor stocks [12] - Semiconductor stocks also faced significant declines, with companies like Zhaoyi Innovation and Wentai Technology hitting their daily limit down [16]