Group 1: Market Movements - Gold and silver prices experienced significant fluctuations, with silver dropping nearly 8% before rebounding, while gold briefly returned to $4800 before falling below $4590 [1] - On February 1, the domestic gold jewelry price fell to ¥1484 per gram, down ¥134 from the previous day [3] - The precious metals market faced a historic drop, influenced by a sell-off triggered by the nomination of Kevin Warsh as the Federal Reserve Chairman, impacting both cryptocurrencies and precious metals [5] Group 2: Future Outlook - Michael Hartnett from Bank of America indicated that despite short-term volatility, the macroeconomic factors driving gold and physical asset prices remain strong, suggesting a bull market driven by currency devaluation [6] - UBS raised its gold price targets for March, June, and September 2026 to $6200 per ounce, citing stronger-than-expected demand due to increased investment [6] - UBS also provided extreme scenario forecasts for gold prices, with a bullish target of $7200 per ounce and a bearish target of $4600 per ounce [7] Group 3: Market Activity - In the Shenzhen Shui Bei market, a single outlet sold gold bars worth ¥2 million in one day, indicating strong demand despite recent price declines [8] - On February 1, the real-time electronic prices in Shenzhen showed gold at ¥1262 per gram and silver at ¥30.6 per gram, with a notable increase in inquiries from young buyers [9] - The market saw a surge in gold buybacks, with one shop reporting a recovery of 800 grams of gold at a price of ¥1080 per gram, reflecting a drop of approximately ¥180 from previous days [9]

Group 1 - The core point of the news is the significant volatility in silver and gold prices, with silver initially dropping over 10% to $76.89 per ounce before recovering to $85.267 per ounce [1] - The recent sell-off in precious metals was triggered by U.S. President Trump's nomination of Kevin Warsh as Federal Reserve Chairman, reversing the upward trend in gold and silver prices [4] - Despite the recent price fluctuations, analysts believe that the macroeconomic factors driving the rise in gold and physical assets remain intact, indicating a strong bullish trend in the long term [6] Group 2 - Goldman Sachs' trading department head Mark Wilson noted that the recent market volatility should not be over-interpreted, as the core drivers of the market have not changed significantly [5] - UBS has raised its gold price targets for March, June, and September 2026 to $6,200 per ounce, up from a previous forecast of $5,000, citing stronger-than-expected demand driven by increased investment [6] - UBS also provided extreme scenario forecasts for gold prices, with a bullish target of $7,200 per ounce and a bearish target of $4,600 per ounce [6][7]