1. Report Industry Investment Rating - Gold: Cautiously bullish [8] - Silver: Neutral [9] - Arbitrage: Short the gold-silver ratio at high levels [9] - Options: On hold [9] 2. Core View of the Report - On Monday, the precious metals market fluctuated sharply. COMEX silver and spot silver soared and then fell back, while COMEX gold and spot gold also saw their gains narrow. The U.S. durable goods orders in November 2025 showed strong growth. The report predicts that the gold price will be in a slightly bullish oscillation pattern, and the silver price will maintain an oscillation pattern [1]. - The report provides detailed data on futures prices, trading volumes, positions, and spreads of gold and silver, as well as the holdings of precious metal ETFs [2][4][5][6]. 3. Summary by Relevant Catalogs Market Analysis - On Monday, COMEX silver once rose by more than 16%, and spot silver by nearly 14%, but then both fell back. COMEX gold and spot gold also saw their gains narrow. Spot palladium first rose by 7% and then fell by more than 3%. The European Parliament has not decided on whether to resume the approval process of the EU - US trade agreement. The U.S. durable goods orders in November 2025 increased by 5.3% month - on - month, and core durable goods orders increased by 0.5% month - on - month [1]. Futures Quotes and Trading Volumes - On January 26, 2026, the opening price of the Shanghai gold main contract was 1113.00 yuan/gram, and the closing price was 1143.32 yuan/gram, a change of 2.48% from the previous trading day. The trading volume was 41087 lots, and the open interest was 129725 lots. The night - session closing price was 1148.14 yuan/gram, up 0.42% from the afternoon closing price. The opening price of the Shanghai silver main contract was 25228.00 yuan/kg, and the closing price was 27207.00 yuan/kg, a change of 8.98% from the previous trading day. The trading volume was 965900 lots, and the open interest was 322579 lots. The night - session closing price was 29005 yuan/kg, up 6.61% from the afternoon closing price [2]. U.S. Treasury Yield and Spread Monitoring - On January 26, 2026, the U.S. 10 - year Treasury yield was 4.215%, unchanged from the previous trading day. The spread between the 10 - year and 2 - year Treasury yields was 0.625%, also unchanged from the previous trading day [3]. Shanghai Futures Exchange Gold and Silver Positions and Trading Volume Changes - On January 26, 2026, in the Au2604 contract, the long position changed by 6068 lots, and the short position changed by 175 lots. The total trading volume of Shanghai gold contracts was 579443 lots, a change of - 21.30% from the previous trading day. In the Ag2508 contract of Shanghai silver, the long position changed by - 2898 lots, and the short position changed by 7803 lots. The total trading volume of silver contracts was 2376284 lots, a change of 0.67% from the previous trading day [4]. Precious Metal ETF Holdings Tracking - The gold ETF holdings were 1,086.53 tons, unchanged from the previous trading day. The silver ETF holdings were 16,090 tons, a decrease of 14 tons from the previous trading day [5]. Precious Metal Arbitrage Tracking - On January 26, 2026, the domestic premium of gold was - 7.34 yuan/gram, and that of silver was - 1006.38 yuan/kg. The price ratio of the main contracts of gold and silver on the Shanghai Futures Exchange was about 42.02, a change of - 4.10% from the previous trading day, and the foreign - market gold - silver ratio was 49.76, a change of - 3.71% from the previous trading day [6]. Fundamentals - On January 26, 2026, the trading volume of gold on the Shanghai Gold Exchange T + d market was 82850 kg, a change of - 4.92% from the previous trading day. The trading volume of silver was 702202 kg, a change of 4.44% from the previous trading day. The gold delivery volume was 11872 kg, and the silver delivery volume was 30 kg [7]. Strategy - Gold: The market risk sentiment has increased, and the demand for gold investment may slightly increase, but the risk of price correction at high levels still exists. It is expected that the gold price will be in a slightly bullish oscillation pattern, and the oscillation range of the Au2604 contract may be between 1130 yuan/gram and 1160 yuan/gram [8]. - Silver: Silver and gold both showed a situation of price soaring and then falling back. Due to the recovery of risk sentiment, the silver price is slightly stronger than the gold price. It is expected that the silver price will also maintain an oscillation pattern, and the oscillation range of the Ag2604 contract may be between 27000 yuan/kg and 30000 yuan/kg [9]. - Arbitrage: Short the gold - silver ratio at high levels [9]. - Options: On hold [9]