Core Viewpoint - The international precious metals market continues to exhibit volatile "roller coaster" trends in 2026, with gold prices reaching historical highs and experiencing significant fluctuations, indicating a complex interplay of market dynamics and investor sentiment [1][14]. Price Movements - In January 2026, the London spot gold price surged from $4,500 to $5,598.75 per ounce, marking a monthly increase of over 24%. However, by the end of January, gold experienced a sharp decline, with a single-day drop of 9%, the largest since 1980, reaching a low of $4,440 per ounce. By February 4, the price rebounded to over $5,050 per ounce before another drop [1][14]. Market Dynamics - Analysts suggest that the traditional factors influencing gold prices, such as geopolitical tensions, dollar exchange rates, and interest rates, are undergoing a shift in their impact. The current demand for gold reflects a reassessment of the international monetary system and geopolitical landscape, positioning gold as a strategic reserve against long-term uncertainties rather than merely an investment asset or temporary safe haven [3][16]. Changing Influences on Gold Prices - Historical data indicates that gold price fluctuations have long been influenced by factors like safe-haven demand, dollar credit, and real interest rates, but the weight of these factors has varied significantly over time. In the 1970s, inflation concerns drove gold prices, while from the 1980s to the early 21st century, economic growth and a strong dollar led to a prolonged period of low gold prices [4][17]. New Characteristics of the Current Gold Price Cycle - The current gold price increase is characterized by a structural shift, where traditional real interest rate logic is weakening. The dual drivers of safe-haven attributes and credit reassessment are becoming more prominent. With global debt at historical highs, gold's risk-hedging properties are amplified, shifting the pricing mechanism from cost-based to risk-based [6][19]. Dynamic Balance in Gold Pricing - In 2026, a phenomenon of "strong dollar" and "strong gold" coexists, with a noticeable reduction in the correlation between the two. This suggests that gold prices are seeking a new dynamic balance influenced by multiple factors [8][21]. Institutional Demand and Central Bank Purchases - Global central banks have transitioned from being net sellers to net buyers of gold, with purchases expected to remain high at around 755 tons in 2026, significantly above historical averages prior to 2022. This shift reflects a strategic reassessment of reserve asset security amid geopolitical uncertainties, with gold being viewed as a crucial defensive asset [11][24]. Strategic Role of Gold - The current trends indicate that gold is evolving from a mere financial investment tool to a strategic cornerstone for national economic security. As geopolitical dynamics stabilize, gold will continue to serve as a vital hedge against uncertainty, with its price fluctuations mirroring changes in the global political and economic landscape [13][26].

Core Viewpoint - Despite recent fluctuations in gold prices, consumer demand for gold jewelry remains strong, with consumers more likely to accelerate purchases during price increases rather than waiting for price corrections [1] Group 1: Company Insights - Chow Tai Fook plans to raise the prices of gold jewelry after the Lunar New Year, with a confirmed increase of at least 15% according to store managers [1] - The timing and extent of the price increase have not yet been determined, but it aligns with industry expectations for post-holiday repricing [1] Group 2: Market Trends - The upcoming Valentine's Day, which coincides with a long holiday weekend, is expected to further boost gifting demand and store traffic [1] - Daiwa has raised its earnings per share forecast for Chow Tai Fook for the fiscal year 2027 by 6%, driven by increased sales in Hong Kong and Macau due to widening retail price gaps and sustained strong gold prices [1] Group 3: Investment Outlook - Daiwa has increased the target price for Chow Tai Fook from HKD 15.5 to HKD 17, maintaining a "Buy" rating [1]

Group 1 - The core viewpoint is that individual investors are increasingly buying gold to hedge against global risks, with significant inflows into gold ETFs in January, reaching a historical monthly high of $19 billion, which has contributed to market volatility and potential short-term selling pressure [2] - Gold prices have shown a notable increase, with a 14% rise in January, and the total assets under management in gold ETFs reaching a record high of $669 billion, reflecting a 20% month-over-month increase [2] - The volatility in gold prices is exacerbated by the nature of ETF investments, which are more sensitive to market dynamics compared to physical demand, leading to tactical buying and selling behaviors among investors [2][3] Group 2 - Long-term demand for gold is expected to remain strong, as emerging central banks are likely to increase their gold holdings to diversify reserves, preventing a market downturn from becoming a bear market [3] - The recent price corrections in gold are viewed as healthy adjustments following significant price increases, with recommendations to buy on dips, and a revised year-end target price for gold set between $6,100 and $6,300, indicating at least a 20% potential increase from current levels [3] - Recent trading patterns show fluctuations in gold prices, with a notable drop to $4,988.6 before stabilizing and rebounding, suggesting potential for breaking out of current trading ranges, particularly with upcoming non-farm payroll data [4]

Core Viewpoint - The gold market has experienced significant volatility, with prices fluctuating dramatically in a short period, leading to mixed investor behavior and differing institutional forecasts for future gold prices [1][3][5]. Group 1: Price Movements - On February 10, 2026, international gold prices rebounded to around $4995.39 per ounce after a significant drop from a historical high of $5626.8 per ounce on January 29, marking a decline of over 10% [1]. - The gold market saw extreme volatility on January 29, with prices soaring to $5626.8 per ounce before plummeting to $4403 per ounce within 28 minutes on January 30, marking the largest single-day drop since 1980 [3]. - Silver prices also experienced significant fluctuations, with a peak increase of 90% in early 2026, but later losing all gains and dropping to a repurchase price of 18 yuan per gram, which is 30% lower than the selling price [3]. Group 2: Market Dynamics - Investor behavior has polarized, with some speculators retreating and long-term holders opting to hold onto their investments amid extreme price fluctuations [5]. - In Guangzhou, gold buyback transactions surged, while silver dealers in Shenzhen paused repurchase activities due to price volatility [5]. - Institutional views on future gold prices are divided, with Goldman Sachs and JPMorgan raising their 2026 gold price targets to $6000 and $6300 respectively, while Citigroup warns of a potential price halving due to extreme valuation levels [5]. Group 3: Supply and Demand Changes - For the first time since the establishment of the Shanghai Gold Exchange in 2002, domestic retail investment demand for gold has surpassed gold jewelry consumption [7]. - In brand gold stores, there are many inquiries about wedding jewelry, but actual transactions are low, while sales of investment gold bars and commemorative notes have doubled [7]. - Globally, silver's industrial demand is increasing due to growth in photovoltaic and electric vehicle sectors, but price volatility has led to a 40% reduction in foreign trade orders for silver jewelry [7].

格隆汇2月10日｜机构分析称，金价在连续两天上涨后下跌，原因是交易员在动荡的市场中获利回吐。 在经历了一场历史性暴跌之后，该市场目前仍在寻找底部。在早盘交易中，现货黄金一度下跌1.4%， 跌破每盎司5000美元关口，随后收复了部分跌幅。自1月29日触及历史巅峰以来，金价已下跌约10%， 但今年以来仍保持强劲涨幅。展望未来，在本周晚些时候公布的经济数据将为美联储政策提供线索。 来源：格隆汇APP ...

国内贸易厅同时建议消费者，交易前应注意秤具是否贴有认证标识。如遇金店未明码标价或怀疑称重不 准，可拨打热线1569或向当地商业办公室举报，以便相关部门及时查处，保障公众交易公平。 据泰媒报道，泰国商业部国内贸易厅下令，组织全国计量衡检人员对黄金销售店铺展开全面检查，重点 核查称重器具准确性及商品价格标示情况。由于近期金价剧烈波动，民众黄金交易活跃，有关部门强调 将依法严惩违法行为，违者最高可面临7年监禁及28万泰铢罚款。 初步检查结果显示，计量衡总部及15个分支机构共对全国105家黄金经营场所展开检查。大多数金店经 营规范，商品标签与价格标示清晰。在受检的132台数字称重设备中，仅发现1台位于乌隆他尼府的秤具 误差超出法定标准，执法人员已当场贴上"禁止使用"标识并依法处置。 ...

2月6日早上8点，在上海徐家汇天钥桥路的一家金店里，店主赵乐已早早守候。他正在等待一批特殊 的"回头客"——2月2日，他以1095元/克的价格向这些客户出售300克投资金条。随着金价在史诗级大跌 后迅猛反弹，这批金条在短短两天内账面"升值"约4万元。惊喜之下，客户们毫不犹豫地决定：再追投 300克。 从业多年的赵乐还从未经历过当下这般疯狂的黄金行情。 2026年以来，黄金市场演绎出过山车般的轨迹：COMEX黄金期货价格持续凌厉上涨，1月29日一度触 及5626美元/盎司历史新高，月内最高涨幅近30%；次日金价却掉头向下，恐慌性暴跌9.25%；2月2日， 黄金期货价格继续下挫1.35%。国内黄金期货价格、黄金概念股票和基金品种全线大跌。 市场在金价巨震中分化：有人获利离场，有人却逆势加仓。 赵乐发现，1月30日以来，希望购买金条的回头客明显增多了，而且是越跌越买。2月3日，黄金价格上 演"V型"反转，涨幅达到6.83%。2月5日，COMEX黄金期货价格从5060美元/盎司快速跌至4800美元/盎 司后，又有四名老客户表明第二天要来上门买投资金条，其中两名客户担心"抢不到"金条，提前支付了 10%购金款。 在北京 ...

市场在金价巨震中分化：有人获利离场，有人却逆势加仓。狂 热的背后，是一个被多数人忽略的巨变：黄金，已从印象中稳 健的"避风港"，转变为一场高波动的"风险游戏"。 作者：陈植 封图：本报资料室 2月6日早上8点，在上海徐家汇天钥桥路的一家金店里，店主赵乐已早早守候。他正在等待一批特 殊的"回头客"——2月2日，他以1095元/克的价格向这些客户出售300克投资金条。随着金价在 史诗级大跌后迅猛反弹，这批金条在短短两天内账面"升值"约4万元。惊喜之下，客户们毫不犹豫 地决定：再追投300克。 从业多年的赵乐还从未经历过当下这般疯狂的黄金行情。 2026年以来，黄金市场演绎出过山车般的轨迹：COMEX黄金期货价格持续凌厉上涨，1月29日 一度触及5626美元/盎司历史新高，月内最高涨幅近30%；次日金价却掉头向下，恐慌性暴跌 9.25%；2月2日，黄金期货价格继续下挫1.35%。国内黄金期货价格、黄金概念股票和基金品种 全线大跌。 市场在金价巨震中分化：有人获利离场，有人却逆势加仓。 赵乐发现，1月30日以来，希望购买金条的回头客明显增多了，而且是越跌越买。2月3日，黄金 价格上演"V型"反转，涨幅达到6.83%。 ...

金市大鲤：主要有两点。第一，对于市场判断而言，当遇到交易不顺或者连续亏损时，人容易觉得被市场"针对"，于是向外寻求"大腿"，期待与"高人"交 流，指望别人成为自己的英雄。但真相是：失败时若只顾寻找借口、盲从他人，只会耗尽本金、一无所获。没有人能替你负责，最终能拯救你的，只有自 己。 第二，关于善意与边界。不要因为自己赚了钱，就觉得能拯救别人。市场里没有谁需要你去"救"，你也救不了。各人有各人的因果，各自的理解与认知。保 持敬畏，专注做好自己，就是对市场最好的尊重。 金市大鲤：我喜欢通过看新闻、健身、喝茶、盘串、看书来调节状态。我不太认同"自律"这种说法——人们做一件事，往往只是因为它能带来快乐和沉浸 感，而不是因为它被定义为"好习惯"。所谓"噪音"，只对内心不纯粹的人存在。当你足够专注于自己热爱的事，就能自然保持平静。保持冷静，离不开足够 的阅历和认知。也许因为我是天秤座，习惯权衡利弊；也可能是因为过往的感性曾带来教训，所以选择用理性面对市场。 本期主题：2026搞钱指南 在波谲云诡的经济浪潮中，有人仰望星空，预判大势走向；有人深耕一域，洞察人性明暗；还有人俯身田野，在数据与生活的交汇处寻找答案。 搜狐号有这 ...

第一财经记者实探深圳水贝，多位水贝黄金门店工作人员告诉记者，上游料商不放料了，根本拿不到 货。还有门店负责人表示，今日已经不看大盘金价了，要拿现货每克要加几十元，亏太多卖干脆关门。 专家表示，料商选择锁仓不出，是由于部分料商未对库存进行保值，使得价格风险存在敞口。 （文章来源：第一财经） 近日，金价、银价暴涨暴跌坐起"过山车"，剧烈波动之下市场没有现货卖了。 ...