1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - Precious metals remain strong overall, but there is a clear internal structural differentiation. Gold is in a stable high - level operation, mainly oscillating to digest previous gains, while silver has medium - term support but experiences high volatility and periodic corrections [1]. - The core drivers of gold are global monetary easing expectations, a downward shift in the real interest rate center, and a marginal contraction of the US dollar credit. Gold is more likely to operate in a high - level range, waiting for the next clear macro - variable guidance [3]. - The significant correction of silver is due to its rapid rise outpacing the market's liquidity expansion. High volatility also increases holding costs, leading to continuous selling pressure at high levels [3]. - The previous rise of silver was mainly driven by short - term and momentum funds. When the market shifts from an accelerating uptrend to a high - level oscillation, the trading logic switches from "chasing the rise" to "taking profits", amplifying the correction [6]. - In the short term, silver's pricing power is transferred to liquidity and position structure. It is more likely to release risks through retracement or wide - range oscillation and then find a new balance range [6]. 3. Summary by Relevant Catalogs 3.1 Key Information - China will pay interest on digital RMB starting from January 1, 2026, to promote its popularization [2]. - China's mediation has led to a stage - by - stage consensus on the cease - fire between Cambodia and Thailand, and regional geopolitical risks have marginally eased [2]. - The meeting between Trump and Zelensky did not achieve a substantial breakthrough, and the uncertainty of the Russia - Ukraine situation remains in the short term [2] 3.2 Price Logic - Gold: After a significant rise in 2025, it is in the stage of expectation digestion and structure confirmation. The market has priced in the probability of the Fed's continued easing in 2026, and new macro - level positives have a weaker marginal impact on prices. Central bank gold purchases and geopolitical uncertainties provide a solid bottom for gold prices [3]. - Silver: After a rapid rise to a high level, the price has corrected significantly. The core reason is that the rise is faster than the market's liquidity expansion. High volatility also increases holding costs, resulting in continuous selling pressure [3]. 3.3 Outlook - The weekly price of London gold is expected to be in the range of [4300, 4600], and the weekly price of London silver is expected to be in the range of [65, 100] [6]. 3.4 Commodity Index - On December 29, 2025, the comprehensive index was 2339.89, down 0.59%; the commodity 20 index was 2687.93, down 0.42%; the industrial products index was 2258.87, down 0.70% [47]. - The precious metals index on December 29, 2025, was 3978.81, with a daily decline of 0.81%, a 5 - day increase of 2.72%, a 1 - month increase of 13.71%, and a year - to - date increase of 79.84% [49].