黄金重回5000美元，白银拉升近3%

Core Viewpoint - The current upward trend in gold prices is expected to continue, driven by liquidity expectations and geopolitical tensions providing safe-haven demand [3][4]. Group 1: Market Performance - On February 9, gold prices rose over 1%, reaching $5017 per ounce, while silver increased nearly 3% to $79 per ounce [1][6]. - Year-to-date performance shows London gold up 16.20% and London silver up 11.57% [2]. Group 2: Analyst Insights - According to the chief analyst of non-ferrous metals at CITIC Securities, the core driver of gold price movements is liquidity expectations, with geopolitical conflicts adding to the demand for gold as a safe haven [3][4]. - The analyst predicts a potential recovery in market demand over the next 6-12 months due to ongoing liquidity release, which may support metal prices and lead to new highs [3][4]. Group 3: Central Bank Actions - As of the end of January 2026, China's central bank has increased its gold reserves for the 15th consecutive month, with a modest increase of 40,000 ounces, the lowest since the resumption of purchases in November 2024 [3][4]. - A senior researcher noted that global central banks have been increasing their gold allocations to hedge against dollar asset volatility and geopolitical risks, reflecting a shift towards safer reserve assets [5].