Goldman Sachs(US:GS) Di Yi Cai Jing·2026-01-24 01:04Core Viewpoint - The silver price has historically surpassed $100 per ounce for the first time, while gold approaches $5000 per ounce, driven by geopolitical uncertainties and expectations of interest rate cuts by the Federal Reserve [1][2]. Group 1: Silver Market Dynamics - On Friday, spot silver reached $102.89 per ounce, marking a 7.0% daily increase and a cumulative weekly rise of 14.6% [2]. - Analysts note that silver's price surge is influenced by low liquidity in the London market and increased physical demand from China and India [1][2]. - Goldman Sachs predicts that silver will experience "extreme volatility" due to speculative trading and inventory constraints [1]. Group 2: Gold Market Trends - Spot gold reached $4964.81 per ounce, with a peak of $4988.17, reflecting a 0.6% increase on the day [2]. - Goldman Sachs raised its 2026 gold price target from $4900 to $5400 per ounce, citing diversification strategies to hedge against macroeconomic uncertainties [3]. Group 3: Macro Factors Influencing Precious Metals - The current rise in precious metals is attributed to multiple risk factors, including geopolitical tensions and ongoing uncertainties in global tariff policies [4]. - Central banks are increasing gold reserves, contributing to a long-term support for gold prices amid a trend of "de-dollarization" in global asset allocation [5]. Group 4: Broader Precious Metals Market - Other precious metals, such as platinum and palladium, have also seen significant price increases, with platinum rising 5.20% to $2774.73 per ounce and palladium up 5.85% to $2024.61 per ounce [6]. - HSBC anticipates that the platinum market will face a structural supply deficit of approximately 1.2 million ounces this year, attracting more investment [6].