On April 1, the international precious metals market remained hot. Spot gold broke through $4,700 per ounce, and New York gold futures hit $4,720 per ounce, both reaching all-time highs. Silver also rallied sharply, with spot silver exceeding $75 per ounce, up more than 7% intraday. In the domestic market, the main silver futures contract hit the daily limit, and gold futures followed, putting precious metals in the market spotlight.

The rally is supported by safe-haven demand and monetary easing expectations. Although tensions in the Middle East have eased, uncertainties persist, sustaining safe-haven buying for gold. Meanwhile, markets expect the Federal Reserve to start an interest-rate-cut cycle this year, weakening the U.S. dollar and boosting precious metals. Continued gold purchases by global central banks also underpin high prices.

In A-shares, gold and silver concept stocks surged more than 3%. Hunan Gold, Sichuan Gold and others hit the daily limit as capital flowed into defensive assets. Analysts noted that with weak global recovery and monetary policy shifts, precious metals still hold investment value. Short-term prices may stay high, and related companies are expected to see significant first-quarter earnings improvements.