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Market Overview - The domestic and international markets are showing a significant divergence, with domestic markets strengthening post-Spring Festival due to concentrated consumer and investment demand [3] - As of February 25, 2026, the latest prices for gold and silver are as follows: London gold at $5186.11 per ounce (+0.77%), London silver at $88.562 per ounce (+1.54%), and domestic gold and silver prices showing mixed performance [3][4] Core Drivers of Market Trends - The expectation of interest rate cuts by the Federal Reserve in 2026 is igniting market interest, with predictions of a 50-75 basis point reduction, lowering the holding costs for non-yielding precious metals [5] - Continuous net purchases of gold by global central banks for 16 years, with an expected purchase of 755 tons in 2026, provide long-term support for gold prices [8] - Silver is experiencing a structural shortage, with a projected supply gap of 67 million ounces in 2026, driven by industrial demand [7] Investment Strategies - Gold is recommended as a stable asset, suitable for 5%-15% allocation of liquid assets, focusing on preservation of value rather than short-term profits [12] - Preferred investment tools for gold include gold ETFs and bank investment gold, while physical jewelry is advised against due to high premiums [13] - Silver is characterized by high price elasticity, making it suitable for risk-tolerant investors, with a recommended allocation of no more than 5% of total assets [14] Market Behavior and Sentiment - Increased speculative and allocation demand is evident, with rising ETF holdings for silver and gold, reflecting heightened market activity [10] - Geopolitical uncertainties and economic data weaknesses are driving safe-haven investments into precious metals [9]