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Meanwhile, the investment bank has lowered the target price for Novo Nordisk from $42 to $40. This rating adjustment reflects Morgan Stanley's reassessment of Novo Nordisk's future performance.

BMI analysts stated: "Since there is no clear consensus on the duration of the conflict and the associated premium, the market will continue to seek safe havens such as gold." However, the rise in the US Dollar Index makes dollar-denominated commodities more expensive for overseas buyers. Meanwhile, market participants indicated that, due to the Federal Reserve possibly raising interest rates to address inflationary pressures caused by the conflict, gold prices were under pressure and experienced sell-offs in the previous trading session.

格隆汇3月3日｜Bank of America stated that, thanks to rising metal prices and the strengthening of the South African rand, the South African stock market's 12-month winning streak still has further growth potential. The bank's South Africa strategist John Morris noted that the country's market is benefiting from a rare favorable combination of global and domestic factors, especially the rise in metal prices and expectations of a weaker US dollar. "We are in a sweet spot; this combination is uncommon and there is still room for further upside." The FTSE/JSE Africa All Share Index has risen 44% over the past year, with metals and mining stocks leading the gains. The index has risen for 12 consecutive months, marking the longest winning streak since 1995. In February, the index rose 7%, the largest monthly increase in more than two years. Morris stated that the commodity cycle may support the market for the next 12 to 15 months. He also believes that the South African rand is undervalued and may appreciate further, which would help lower bond yields and support banks and other domestic industries.