Group 1: Report Information - Report Title: Precious Metals Daily Review - Date: January 30, 2026 - Industry: Precious Metals - Research Team: Macro Finance Team - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [1][2] Group 2: Investment Rating - No investment rating is provided in the report. Group 3: Core Views - In 2026, precious metals, especially industrial precious metals, will continue to perform strongly under the influence of factors such as the restructuring of the international political and economic landscape, the Fed's loose monetary policy, and the improvement of the global economic growth outlook. However, the large influx of speculative funds also increases the price volatility of precious metals. - The performance ranking of precious metals in 2026 is expected to be silver > platinum > palladium > gold > 10%. - Investors are advised to maintain a bullish stance in precious metals trading, with medium- and long-term investors gradually building up positions, mainly in gold with a small amount of silver, platinum, and palladium. Conservative investors can consider arbitrage opportunities by going long on silver and platinum and short on gold. - Long hedgers should gradually establish hedging positions, while short hedgers should appropriately reduce the hedging ratio. [4][5] Group 4: Intraday Market Analysis - The Fed's decision to pause rate cuts met market expectations. Geopolitical risks have increased significantly due to the US sending more fleets to the Middle East and threatening Iran, and Iran's warning to the US. This has boosted the safe-haven demand for precious metals, with the London gold price approaching $5,600 per ounce during the Asian session on the 29th. - The correction at the end of December 2025 has fully released the internal adjustment risks of precious metals. - This week, attention should be paid to the Iranian situation, the Fed's interest rate meeting, and China's January PMI. [4] Group 5: Domestic Precious Metals Market Data | Contract | Pre - closing Price | High | Low | Closing Price | Change % | Open Interest | Change in Open Interest | | --- | --- | --- | --- | --- | --- | --- | --- | | SHFE Gold Index | 1,187.81 | 1,260.13 | 1,182.65 | 1,250.65 | 5.29% | 357,562 | -14,377 | | SHFE Silver Index | 29,164 | 30,907 | 28,614 | 30,452 | 4.42% | 691,250 | -14,772 | | GZFE Platinum Index | 694.70 | 732.78 | 697.47 | 712.99 | 2.63% | 36,363 | 582 | | GZFE Palladium Index | 504.39 | 544.22 | 511.48 | 526.01 | 4.29% | 13,133 | -937 | [5] Group 6: Medium - term Market Analysis - Due to Trump 2.0's policy shift towards the military and the pressure of the mid - term elections, the Trump administration continues to push the Fed for a loose monetary policy. Both the Fed and the ECB have ended the balance sheet reduction process and started expanding their balance sheets. The US dollar index will continue to be weak. - Geopolitical risks, the safe - haven demand from the US mid - term elections, the liquidity premium from the global central banks' coordinated easing, and the weak US dollar will drive the London gold price to the range of $5,500 - $6,000 per ounce in 2026. - Strong industrial demand, tight spot supply and demand, and the substitution of silver jewelry for gold jewelry will make silver outperform gold. The gold - silver ratio is expected to fall to 40 - 45 in 2026, and the target price for London silver is $120 - $150 per ounce. [5] Group 7: Main Macro Events/Data - The Fed kept interest rates unchanged on Wednesday, with Chairman Powell stating that the economic growth outlook has significantly improved, and the risks of inflation and employment have decreased, indicating no urgency to further cut borrowing costs. The Fed decided to maintain the target interest rate range at 3.50% - 3.75%, with a vote of 10 in favor and 2 against. - US Treasury Secretary Besent expressed disappointment with Europe's decision to reach a major trade agreement with India, saying that Europe prioritizes trade over the interests of the Ukrainian people. - ECB policymakers are increasingly concerned about the rapid appreciation of the euro against the US dollar, warning that it may lower inflation. The ECB is closely monitoring the situation and will adjust monetary policy accordingly. - US President Trump urged Iran to return to the negotiation table on Wednesday, threatening a more severe attack if an agreement on nuclear weapons is not reached. Russia, Ukraine, and the US will resume negotiations on a solution to the Ukraine war in Abu Dhabi on February 1st. [17][18]

Group 1: Report General Information - The report is a daily review of the precious metals industry dated January 23, 2026 [1] - The research team members include He Zhuoqiao (macro precious metals), Huang Wenxin (treasury bonds and container shipping), and Nie Jiayi (stock index) [2] Group 2: Industry Investment Rating - No industry investment rating is provided in the report Group 3: Core Viewpoints - In 2026, precious metals, especially industrial precious metals, will continue to perform strongly under the influence of factors such as the restructuring of the international political and economic landscape, the Fed's loose monetary policy, the improvement of the global economic growth outlook, and the substitution demand of silver and platinum for gold jewelry. Investors are advised to maintain a bullish trading mindset but control the position size, and short hedgers should appropriately reduce the hedging ratio [4][6] - Geopolitical risks may significantly increase in 2026, and the restructuring of the global political and economic landscape and the loose monetary policies of global central banks will continue to boost the demand for reserve diversification, strategic value, and liquidity premium of the precious metals sector. The precious metals sector will continue the medium - term upward trend since 2024 [6] - The improvement of global economic growth momentum and the substitution demand of silver and platinum for gold jewelry will make the performance of silver and platinum stronger than that of gold, but the large influx of investment funds also means significant amplification of price volatility [6] Group 4: Precious Metals Market Conditions and Outlook Intraday Market - Trump's withdrawal of the threat to impose tariffs on eight European countries during the Davos Forum and the agreement on the future cooperation framework in Greenland and the entire Arctic region between the US and NATO led to a significant adjustment in precious metals overnight. However, media reports of the US trying to overthrow the Cuban regime and the weakness of the US real estate market helped precious metals recover most of the previous day's losses in the Asian session on the 22nd, remaining in a relatively strong operating pattern [4] Medium - term Market - Trump will focus on consolidating the geopolitical strategic space in the Western Hemisphere in 2026, which may lead to a significant increase in geopolitical risks [6] - The industrial demand for silver is significantly boosted by the global green energy transition, and the expected industrial demand for platinum and palladium is improved due to the EU's cancellation of the 2035 fuel - vehicle ban. The strong and rising gold price boosts the physical demand for silver, platinum, and palladium through jewelry substitution demand [6] - Investors are advised to maintain a bullish trading mindset but strictly control the position size. Conservative traders can consider cross - variety arbitrage of going long on silver and platinum and short on gold and palladium. Long hedgers should conduct hedging in batches as soon as possible, and short hedgers should appropriately reduce the hedging ratio [6] Group 5: Domestic Precious Metals Market Data | Contract | Pre - closing Price | High Price | Low Price | Closing Price | Change (%) | Open Interest | Change in Open Interest | | --- | --- | --- | --- | --- | --- | --- | --- | | Shanghai Gold Index | 1,092.94 | 1,100.06 | 1,074.63 | 1,088.22 | - 0.43% | 369,376 | - 11,750 | | Shanghai Silver Index | 23,112 | 23,352 | 22,409 | 23,319 | 0.90% | 693,041 | 12,506 | | Guangzhou Platinum Index | 627.94 | 633.50 | 606.34 | 633.47 | 0.88% | 36,352 | - 1,071 | | Guangzhou Palladium Index | 487.24 | 487.74 | 470.95 | 484.52 | - 0.56% | 13,918 | - 5 | [5] Group 6: Main Macro Events/Data - Trump withdrew the threat of using tariffs as a bargaining chip for Greenland and ruled out the possibility of using force. An agreement to end the dispute over the Danish territory is about to be reached [18] - The US Supreme Court justices seem skeptical of Trump's attempt to remove Fed Governor Cook. Trump said he is close to selecting a new Fed chairman and prefers to keep White House economic advisor Hassett in his current position [18] - US pending home sales unexpectedly dropped to a five - month low in December. The decline of 9.3% to 71.8 was due to increased concerns in the labor market and the shortage of entry - level housing offsetting the boost from lower mortgage rates [18]

Group 1 - The core viewpoint is that Citigroup expects gold prices to stabilize between $3100 and $3500 per ounce in the third quarter due to easing geopolitical tensions in the Middle East and improved global economic growth prospects [1] Group 2 - The geopolitical situation in the Middle East has shown signs of improvement, which is influencing market expectations for gold [1] - Global economic growth outlook is becoming more favorable, contributing to the anticipated price range for gold [1]

Group 1: Current Gold Market Performance - International spot gold prices have been in a downward trend, falling below $3,400 per ounce as of June 19, with a drop of 0.48% and a daily low of $3,347.20 per ounce [2] - In the domestic market, gold prices from certain brands and bank investment gold bars have also seen slight declines, with the Shanghai gold main contract down 0.49% [2] - The A-share precious metals sector and gold concept sector fell by 1.90% and 2.41% respectively, indicating poor recent performance in the gold market [2] Group 2: Factors Influencing Gold Price Decline - Global economic growth prospects have improved, leading investors to prefer stocks and emerging industries over gold, which diminishes gold's appeal as a safe-haven asset [3] - The weakening of gold's safe-haven attributes is evident as geopolitical tensions have not escalated significantly, reducing demand for gold as a protective investment [4] - Investment demand for gold has weakened due to the diversification of financial markets, with investors drawn to high-return sectors like digital currencies and emerging technologies [5] Group 3: Monetary Policy Impact - The Federal Reserve is maintaining interest rates in the range of 4.25% to 4.5%, but uncertainty remains regarding future monetary policy, which could affect gold prices [6] - Despite the current downward trend in gold prices, a survey indicates that nearly 43% of central banks plan to increase their gold reserves in the coming year, suggesting potential long-term support for gold prices [6]