Macro News - The main gold futures in Shanghai reported at 1090.12 CNY per gram, with a decline of 2.02%, opening at 1089.00 CNY per gram, reaching a high of 1105.60 CNY and a low of 1050.02 CNY [1] - Initial jobless claims in the U.S. for the week ending January 31 were 231,000, exceeding the expected 212,000 and the previous value of 209,000 [1] - The JOLTs job openings in December were 6.542 million, the lowest since September 2020, with expectations of 7.2 million and a revised previous value of 6.928 million [1] - Planned layoffs in January surged by 118% year-on-year to 108,435, marking the highest level for January in 17 years [1] - The probability of a 25 basis point rate cut by the Federal Reserve by March is 22.7%, with a 77.3% chance of maintaining the current rate [1] - CME Group raised the margin requirements for gold and silver futures, with new gold margin set at 9% and silver at 18%, effective after market close on February 6 [1] Institutional View - U.S. stock market sentiment remains pessimistic, particularly among tech giants, with the Nasdaq declining for the third consecutive day [2] - The U.S. dollar continues to show strong rebound trends, contributing to a fragile sentiment in the gold and silver markets, which were already affected by recent volatility [2] - Silver prices have fallen below the previous low from Monday, while gold has shown resilience, with the gold-silver ratio rising above 70 [2] - Short-term market pessimism may lead to significant price fluctuations in gold and silver, suggesting a cautious approach for investors [2]