Group 1 - The international market faced three major impacts during the Spring Festival holiday: US economic data, geopolitical risks, and changes in US tariffs, leading to a rebound in gold and silver prices [1] - Gold-related ETFs saw a significant increase, with early trading showing gains of over 3% [1] - Analysts suggest that geopolitical risks and macroeconomic uncertainties remain core support factors, while delayed interest rate cut expectations and profit-taking pressures coexist, predicting a strong oscillation in gold and silver prices at high levels [1] Group 2 - The following gold ETFs experienced notable price increases: - Bosera Gold ETF rose by 3.95% to 10.934 - Jiashi Gold ETF increased by 3.94% to 11.064 - E Fund Gold ETF went up by 3.88% to 11.446 - Shanghai Gold ETF gained 3.84% to 11.420 - Southern Gold ETF also rose by 3.84% to 11.424 [2]

Report Summary 1. Industry Investment Rating - Not provided in the given content. 2. Core Viewpoints - In the short term, gold and silver prices are expected to continue their weak performance with high volatility due to factors such as geopolitical risk subsiding, index adjustment concerns, and risk - control measures from the exchange. Long - term, the upward logic of precious metals remains intact, and investors can wait for opportunities to buy on dips after the current risks are released [5][6]. 3. Summary by Related Sections 3.1 Price Tracking - On January 8, 2026, London gold spot was at $4434.31/oz, down 0.2% from the previous day; London silver spot was at $76.44/oz, down 3.2%. COMEX gold was at $4442.80/oz, down 0.3%, and COMEX silver was at $76.12/oz, down 3.4%. Shanghai gold futures' main contract closed at 997.94 yuan/g, down 0.73%, and Shanghai silver futures' main contract closed at 18450 yuan/kg, down 5.91% [3][4]. - The price differences and their changes were also presented, such as the gold TD - SHFE active price difference, which decreased by 6.1% from January 7 to January 8 [4]. 3.2 Position Data - As of January 7, 2026, the gold ETF - SPDR held 1067.13 tons, with no change from the previous day. COMEX gold non - commercial long positions decreased by 5.02% compared to January 6 [4]. 3.3 Inventory Data - On January 8, 2026, SHFE gold inventory was 97653 kg, unchanged from the previous day, while SHFE silver inventory increased by 15.22% to 637647 kg [4]. 3.4 Interest Rates/Exchange Rates/Stock Market - On January 8, 2026, the USD/CNY central parity rate was 7.02, up 0.01% from the previous day. The US dollar index was 98.74, up 0.14% [4]. 3.5 Market Analysis - After the geopolitical risk in Latin America subsided, concerns about the adjustment of the Bloomberg Commodity Index and risk - control measures from the exchange led to a sharp decline in precious metal prices. In the short term, prices may remain weak and volatile. In the long term, the upward logic of precious metals remains valid [5][6].