Core Viewpoint - The precious metals market is experiencing a rebound, with gold prices surpassing $5,000 per ounce, driven by geopolitical tensions and a declining dollar index [1] Group 1: Gold Market - As of February 9, 2026 gold futures rose by $95.6, closing at $5,084.2 per ounce, marking a 1.92% increase [1] - The demand for precious metals is supported by ongoing global issues, despite the absence of major geopolitical hotspots [1] - The U.S. dollar index fell by 0.84%, ending at 96.814, which positively impacts gold prices [1] Group 2: Market Sentiment and Speculation - Recent volatility in the precious metals market has led to a decrease in speculative trading sentiment [1] - The Commodity Futures Trading Commission (CFTC) reported that hedge funds and large speculators reduced their net long positions in gold futures by 23% to 93,438 contracts, the lowest level since October 2025 [1] - The significant drop in gold futures prices recently is noted as the largest decline in over a decade [1] Group 3: Silver Market - Silver futures for March delivery increased by 552.5 cents, closing at $83.050 per ounce, reflecting a 7.13% rise [1]

Group 1 - Silver prices have surged, with COMEX silver and spot silver breaking the $100 per ounce mark and reaching $103, reflecting a year-to-date increase of over 40%, significantly outperforming gold [1][3] - Gold prices are also on the rise, with COMEX gold futures reaching as high as $4,991 per ounce, approaching the $5,000 mark [1][3] Group 2 - Analysts attribute the increasing demand for precious metals to an expanding global silver supply-demand gap, geopolitical tensions from U.S. tariff policies, and uncertainties regarding the Federal Reserve chairperson, which collectively enhance the appeal of precious metals as safe-haven assets [3] - Silver is noted for its dual identity as both a precious and industrial metal, with its rarity and excellent electrical and thermal conductivity making it highly valued [3] - The article highlights silver's high reflectivity, with a reflectance rate of up to 91%, and its stable chemical properties, which contribute to its enduring appeal [3]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - Gold is expected to fluctuate strongly in the short - term and its long - term upward driving force remains unchanged. Silver may have a convergent short - term increase, with a risk of high - level volatility decline, and is expected to maintain a high - level range in the long run [3] 3. Key Points by Section 3.1 Gold - **Logic**: Driven by concerns over the escalation of US - Europe tariffs, the intraday New York gold price reached a new high of $4698 per ounce. Recent US economic data shows resilience, delaying the Fed's interest - rate cut expectation to June. The US - Europe tariff conflict continues to ferment, so the gold price is expected to fluctuate strongly in the short term. Attention should be paid to events such as the US Supreme Court's ruling on the Trump tariff case on January 20, the release of November core PCE and GDP data on January 22, and the nomination of the new Fed chairman in late January [2] - **Outlook**: The long - term upward driving force for gold remains unchanged [2] 3.2 Silver - **Logic**: The silver price rose strongly, with the New York silver price rising nearly 6% and the SHFE silver price rising nearly 5% intraday. It was boosted by Trump's threat to impose tariffs on eight European countries and the fermentation of European counter - measures. The 1M and 3M silver lease rates have fallen to the 3% - 5% range. The key mineral tariff increase and the US - Iran geopolitical conflict have both eased. Considering the high silver volatility, it is expected to fluctuate at a high level in the short term, and the volatility may decline from high levels [3] - **Outlook**: In the long term, the key mineral tariffs are not completely cancelled but a negotiation window of up to 180 days is set. The structural shortage of silver spot caused by hoarding demand has not been fundamentally resolved, so the silver price is expected to maintain a high - level range [3] 3.3 Commodity Index - **Special Index**: The commodity index was 2417.77, up 0.01%; the commodity 20 index was 2779.78, up 0.20%; the industrial product index was 2316.27, down 0.28% [45] 3.4 Precious Metals Index - On January 19, 2026, the precious metals index was 4417.55, with a daily increase of 2.07%, a 5 - day increase of 4.62%, a 1 - month increase of 18.84%, and a year - to - date increase of 15.51% [47]

Group 1 - The core viewpoint of the article highlights that international gold and silver prices have reached historical highs due to the U.S. government's imposition of tariffs on certain European countries [1] - On February 1, the U.S. will impose a 10% tariff on goods from Denmark, Norway, Sweden, France, Germany, the UK, the Netherlands, and Finland, with the rate increasing to 25% on June 1, contingent on negotiations regarding the U.S. purchase of Greenland [1] - The market is experiencing heightened demand for precious metals as a safe haven due to concerns over transatlantic trade relations [1] Group 2 - Gold futures prices reached $4,698 per ounce and silver futures prices surpassed $94 per ounce on January 18 [1] - As of January 19, London spot gold prices exceeded $4,690 per ounce, and spot silver prices also broke the $94 per ounce mark [1] - Silver prices have increased by 31% since the beginning of 2026, marking the strongest start to a year since 1983 [1] Group 3 - Market analysts predict that gold prices will continue to rise, driven by factors such as investigations into Federal Reserve Chairman Jerome Powell, ongoing trade tensions, and continued gold purchases by multiple central banks [1]

Core Viewpoint - The international prices of gold and silver have reached historical highs due to the U.S. government's imposition of tariffs on certain European countries, leading to increased demand for precious metals as a safe haven [2]. Group 1: Price Movements - On February 18, gold futures on the New York Commodity Exchange rose to $4,698 per ounce, while silver futures surpassed $94 per ounce [2]. - On February 19, London spot gold prices broke $4,690 per ounce, and spot silver prices exceeded $94 per ounce [2]. - Since the beginning of 2026, silver prices have increased by 31%, marking the strongest start to a year since 1983 [2]. Group 2: Market Reactions - President Trump announced on February 17 that starting February 1, a 10% tariff will be imposed on goods imported from Denmark, Norway, Sweden, France, Germany, the UK, the Netherlands, and Finland, with the rate increasing to 25% on June 1 [2]. - This announcement has raised concerns about transatlantic trade relations, which has intensified the demand for gold and silver as safe-haven assets [2]. Group 3: Future Outlook - Market consensus suggests that gold prices are likely to continue rising [2]. - Factors contributing to this outlook include the investigation of Federal Reserve Chairman Powell, ongoing trade tensions with partners, and continued gold purchases by multiple central banks [2].

Group 1 - Gold prices surged to record highs, with New York futures exceeding $4,670 per ounce, marking a daily increase of 1.62%. Spot gold briefly surpassed $4,690 per ounce, with a daily rise of 2.06%, and was reported at $4,685.351 per ounce, up 1.96% at the time of publication [1] Group 2 - President Donald Trump announced a 10% tariff on goods from eight European countries opposing his Greenland acquisition plan, effective February 1, with an increase to 25% starting in June. This has raised concerns about potential retaliatory measures from Europe, fueling demand for precious metals as a safe haven [3] Group 3 - Chao Hong Ji has adjusted prices for several gold jewelry items, with increases ranging from hundreds to tens of thousands of yuan. A specific pendant saw a price rise of 19,000 yuan, with overall price adjustments between 10% to 20% [4][5] - The price adjustments follow a previous increase in October, and are attributed to rising raw material and related costs, as noted by Zhou Sheng Sheng, which also announced price hikes for its gold jewelry products earlier this month [6]

Core Viewpoint - The prices of gold and silver have declined due to a stronger US dollar and a shift in President Trump's stance towards Iran, which has reduced the safe-haven demand for precious metals [1] Group 1: Market Dynamics - The US dollar index has risen to 99.49, the highest level since early December last year, contributing to the drop in gold and silver prices [1] - Initial jobless claims in the US were weaker than expected, further influencing market sentiment towards precious metals [1] Group 2: Geopolitical Factors - Despite the recent decline in gold and silver prices, geopolitical risks from domestic unrest in Iran and issues related to Venezuela and Greenland continue to support safe-haven demand for precious metals [1] - Analysts expect continued volatility in gold and silver prices this week, primarily driven by fluctuations in the US dollar index [1] Group 3: Future Outlook - The market is awaiting a significant ruling from the US Supreme Court regarding tariff cases, which could further impact the price trends of precious metals [1]

Group 1 - The precious metals market continues its strong upward trend after Christmas, with silver reaching an all-time high and gold approaching its historical peak [1][4] - Silver prices surged by 2.2% to $73.44 per ounce, marking the fifth consecutive day of increases, while gold is nearing its historical high of $4525 [1][4] - Geopolitical tensions in Venezuela have heightened demand for precious metals as a safe haven, compounded by the U.S. blockade on oil transport vessels [1][4] Group 2 - Economist Jim Rickards predicts that gold could reach $10,000 and silver could hit $200 by 2026, driven by ongoing demand from central banks and stagnant supply [7][8] - Institutional investor demand, including sovereign wealth funds and endowment funds, is expected to further drive up prices, influenced by geopolitical factors such as the attempt to seize Russian assets [7][8] - The recent surge in silver prices is attributed to a supply-demand imbalance in the physical delivery market, with a significant disparity between paper silver and physical silver [7][8]

Core Viewpoint - The recent fluctuations in gold prices are driven by expectations of interest rate cuts by the Federal Reserve, alongside weak economic data and a declining US dollar, which enhances the appeal of gold as a safe-haven asset [3][4][5]. Market Overview - The gold price is currently trading at $4210.64 per ounce, with a decline of 0.47% from a high of $4235.28 and a low of $4200.09 [1][2]. - The US dollar index is fluctuating around 99.453, reaching a two-week low, which has contributed to the rise in gold prices [1][4]. Economic Indicators - The ISM Manufacturing PMI for November dropped to 48.2, indicating a contraction in manufacturing activity for the second consecutive month, reinforcing expectations for a dovish stance from the Federal Reserve [3][4]. - The market anticipates an 87% probability of a rate cut in the upcoming December meeting, driven by weak economic data and dovish signals from the Fed [3][4]. Political Dynamics - President Trump has indicated potential successors for Fed Chair Powell, with economic advisor Hassett's nomination probability rising from under 40% to 64%, suggesting a shift towards a more accommodative monetary policy [3][4]. Investment Sentiment - Gold is viewed as a traditional store of value amid economic uncertainty, while silver is gaining attention due to its dual role as a financial asset and its industrial applications [4][5]. - The weak dollar provides a direct advantage for gold and silver priced in dollars, stimulating global demand [4][5]. Technical Analysis - The daily chart shows a small doji candlestick at high levels, indicating potential consolidation, with key support levels at the 5-day and 10-day moving averages around $4200 and $4150 respectively [6][7]. - A break below the 5-day moving average could trigger a significant pullback, while a sustained upward trend is expected if gold prices can surpass the $4230 resistance level [6][7]. Long-term Outlook - Major investment banks are optimistic about gold's long-term prospects, with predictions of significant price increases over the next few years. Bank of America sets a target of $5000 per ounce by 2026, while Goldman Sachs and Deutsche Bank forecast prices of $4900 and $4950 respectively [8].

Core Viewpoint - The precious metals market experienced a significant downturn after a period of record highs, with gold and silver prices plummeting to their largest daily declines in years, raising concerns among investors about future price movements [1][4][7]. Price Movements - Gold reached a historical intraday high before falling approximately 6.3% to around $4,082, marking its largest daily drop since April 2013, with a closing price of $4,130.41 per ounce [1]. - Silver also saw a dramatic decline, dropping nearly 8.7% to below $47.90, the largest intraday drop since February 2021, with a closing price of $48.7050 per ounce [4]. Market Influences - Multiple factors contributed to the pressure on precious metal prices, including expectations of easing trade tensions, a strengthening dollar, and overbought technical indicators, which diminished the safe-haven demand for these metals [7][10]. - The ongoing U.S. government shutdown has led to a lack of critical positioning data, increasing uncertainty in the market and potentially allowing speculative long positions to accumulate excessively [10][12]. Technical Analysis - The relative strength index for gold indicated that prices had entered an overbought territory, prompting concerns about potential corrections and profit-taking among traders [8][11]. - Analysts noted that the absence of significant media catalysts on the day of the price drop suggested that the market was due for a correction due to extreme overbought conditions [11][12]. Investor Sentiment - Despite the sharp declines, some analysts believe that the fundamental factors supporting precious metals have not changed, and potential buying interest may limit the extent of any corrections [7][13]. - The recent lack of significant physical demand from India and the absence of key buyers in the Shanghai Gold Exchange were highlighted as notable factors contributing to the market's weakness [12][16]. Future Outlook - Analysts from various firms expressed differing views on the future of gold and silver prices, with some maintaining a bullish outlook while acknowledging the potential for a consolidation phase [10][13]. - The global largest gold ETF, GLD, saw unprecedented trading volumes, indicating heightened interest and activity in the market despite the recent downturn [14].