1. Report Industry Investment Rating - Gold: Cautiously bullish [8] - Silver: Cautiously bullish [8] - Arbitrage: Short the gold-silver ratio on rallies [9] - Options: Put on hold [9] 2. Core View of the Report - Due to geopolitical tensions and potential inflation, the precious metals market is expected to remain strong. Gold and silver prices are likely to show an oscillating and strengthening pattern in the near future, and the gold-silver ratio is expected to continue to narrow [1][8]. 3. Summary by Relevant Catalogs Market Analysis - Geopolitical tensions are escalating as the US President Trump cancelled talks with Iranian officials, asked US citizens to leave Iran, and was briefed on military and covert operation options against Iran. In terms of inflation, the US CPI and core CPI in December 2025 remained unchanged from the previous value, but the data's reference value for predicting the Fed's future policy path may be weakened. The market expects the Fed to keep rates unchanged in January 2026 with a probability of 95% [1]. Futures Quotes and Trading Volumes - On January 13, 2026, the Shanghai gold futures main contract opened at 1026.86 yuan/gram and closed at 1027.18 yuan/gram, a change of 0.09% from the previous trading day's close. The trading volume was 41,087 lots, and the open interest was 129,725 lots. During the night session, it opened at 1028.82 yuan/gram and closed at 1031.00 yuan/gram, up 0.37% from the afternoon close. The Shanghai silver futures main contract opened at 20,900.00 yuan/kilogram and closed at 21,004.00 yuan/kilogram, a change of 0.28% from the previous trading day's close. The trading volume was 1,141,819 lots, and the open interest was 334,660 lots. During the night session, it opened at 21,431 yuan/kilogram and closed at 21,943 yuan/kilogram, up 4.47% from the afternoon close [2]. US Treasury Yield and Spread Monitoring - On January 13, 2026, the US 10-year Treasury yield closed at 4.175%, unchanged from the previous trading day, and the 10-2 year spread was 0.647%, also unchanged [3]. Changes in Positions and Trading Volumes of Gold and Silver on the SHFE - On the Au2602 contract, the long positions decreased by 6,633 lots compared with the previous day, and the short positions decreased by 4,147 lots. The total trading volume of Shanghai gold contracts on the previous trading day was 370,792 lots, a decrease of 12.15% from the previous trading day. On the Ag2604 contract, the long positions increased by 6,499 lots, and the short positions increased by 1,632 lots. The total trading volume of silver contracts on the previous trading day was 2,382,636 lots, a decrease of 3.72% from the previous trading day [4]. Precious Metal ETF Position Tracking - The gold ETF position was 1,070.80 tons, unchanged from the previous trading day. The silver ETF position was 16,348 tons, an increase of 40 tons from the previous trading day [5]. Precious Metal Arbitrage Tracking - On January 13, 2026, the domestic gold premium was -6.49 yuan/gram, and the domestic silver premium was -546.66 yuan/kilogram. The ratio of the main gold and silver contracts on the SHFE was approximately 48.90, a change of -0.19% from the previous trading day, and the overseas gold-silver ratio was 54.57, a change of -2.90% from the previous trading day [6]. Fundamental Analysis - On January 13, 2026, the trading volume of gold on the Shanghai Gold Exchange T+d market was 58,002 kilograms, a change of 1.00% from the previous trading day. The trading volume of silver was 700,304 kilograms, a change of 70.30% from the previous trading day. The gold delivery volume was 11,872 kilograms, and the silver delivery volume was 3,000 kilograms [7]. Strategy - Gold: It is expected that the gold price will mainly show an oscillating and strengthening pattern in the near future, and the oscillation range of the Au2602 contract may be between 1010 yuan/gram and 1050 yuan/gram [8]. - Silver: The silver price is slightly stronger than gold, and the gold-silver ratio is expected to continue to narrow. The silver price is also expected to maintain an oscillating and strengthening pattern, and the oscillation range of the Ag2604 contract may be between 21,000 yuan/kilogram and 23,000 yuan/kilogram [8]. - Arbitrage: Short the gold-silver ratio on rallies [9] - Options: Put on hold [9]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints - Future market may focus on the impact of US economic data on Fed policy expectations and geopolitical disturbances. If the market overheats, the exchange will take further risk - control measures. If the impact of news weakens, the market will maintain a moderately strong oscillation. Gold can be lightly held long - position above $4300, or sell out - of - the - money put options to earn time value [1]. - For silver, due to the intensifying global inventory shortage and the large - scale increase of spot by institutional long - position funds through ETF and physical delivery, the price is running strongly. The price center is expected to rise continuously, but the rising raw material cost may suppress industrial demand. After the adjustment of the global commodity index is basically digested, it is recommended to hold long - positions above $75 and operate cautiously on a single side in the short - term under high - volatility risk [1]. - Platinum and palladium are strong in terms of macro and supply - demand fundamentals, and their prices are still undervalued compared with gold. The value is reshaped by capital, and they are expected to continue to oscillate upward in the medium - to - long - term. In the short - term, market speculative sentiment weakens and fluctuations narrow. Given the strong external market trend, it is recommended to buy lightly near the 20 - day moving average [1]. 3) Summary by Relevant Catalogs Domestic Futures Closing Prices - AU2602 contract: Closed at 1026.28 yuan/gram on January 12, up 1.97% from January 9 [1]. - AG2604 contract: Closed at 20945 yuan/kilogram on January 12, up 11.82% from January 9 [1]. - PT2606 contract: Closed at 622.80 yuan/gram on January 12, up 3.83% from January 9 [1]. - PD2606 contract: Closed at 499.05 yuan, up 1.21% from January 9 [1]. Foreign Futures Closing Prices - COMEX gold主力合约: Closed at 4518.40 dollars/ounce on January 12, up 2.00% from January 9 [1]. - COMEX silver主力合约: Up 6.72% from January 9 [1]. - NYMEX platinum主力合约: Closed at 2361.30 dollars/ounce on January 12, up 3.67% from January 9 [1]. - NYMEX palladium主力合约: Closed at 1911.50 dollars/ounce on January 12, up 2.00% from January 9 [1]. Spot Prices - London gold: The current price is 4509.02 dollars/ounce, up 1.99% [1]. - London silver: Up 6.54% [1]. - Spot platinum: The current price is 2374.00 dollars/ounce, up 4.03% [1]. - Spot palladium: The current price is 1851.00 dollars/ounce, up 0.98% [1]. - Shanghai Gold Exchange gold T + D: Closed at 1022.12 yuan/gram on January 12, up 1.91% from January 9 [1]. - Shanghai Gold Exchange silver T + D: Closed at 20902 yuan/kilogram on January 12, up 11.42% from January 9 [1]. - Shanghai Gold Exchange platinum 9995: Closed at 613 yuan/gram on January 12, up 3.39% from January 9 [1]. Basis - Gold TD - Shanghai gold main contract: The current value is - 4.16, with a historical 1 - year quantile of 46.10% [1]. - Silver TD - Shanghai silver main contract: The current value is - 43, with a historical 1 - year quantile of 60.60% [1]. - London gold - COMEX gold: The current value is - 10.24, with a historical 1 - year quantile of 73.80% [1]. - London silver - COMEX silver: The current value is - 0.14, with a historical 1 - year quantile of 71.20% [1]. Ratio of Different Metals - COMEX gold/silver: The current value is 54.12, down 4.43% [1]. - SHFE gold/silver: The current value is 53.73, down 8.81% [1]. - NYMEX platinum/palladium: The current value is 1.24, up 1.63% [1]. - GZFE platinum/palladium: The current value is 1.23, up 2.59% [1]. Interest Rates and Exchange Rates - 10 - year US Treasury yield: The current value is 4.19%, up 0.2% [1]. - 2 - year US Treasury yield: The current value is 3.54%, unchanged [1]. - 10 - year TIPS Treasury yield: The current value is 1.90%, unchanged [1]. - US dollar index: The current value is 98.89, down 0.24% [1]. - Offshore RMB exchange rate: The current value is 6.9687, down 0.10% [1]. Inventory and Positions - SHFE gold inventory: The current value is 97653 kilograms, unchanged [1]. - SHFE silver inventory: The current value is 649643 kilograms, up 4.74% [1]. - COMEX gold inventory: The current value is 36311918 ounces, unchanged [1]. - COMEX silver inventory: The current value is 439740503 ounces, down 0.51% [1]. - COMEX gold registered warehouse receipts: The current value is 19180167 ounces, down 0.52% [1]. - COMEX silver registered warehouse receipts: The current value is 123897999 ounces, down 1.23% [1]. - SPDR gold ETF position: The current value is 1071 tons, up 0.59% [1]. - SLV silver ETF position: The current value is 16348 tons, up 0.24% [1].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - New Year commodity options have collectively seen an increase in volatility and trading volume. Some varieties in the chemical sector are about to expire, such as short - fiber, methanol, soda ash, glass, bottle chips, caustic soda, propylene, PTA, and sugar 03 series option contracts will expire on Tuesday, while crude oil near - month option contracts will expire on Wednesday. Most implied volatilities are at high levels, and attention should be paid to the risk of rapid time - value erosion [5]. 3. Summary According to Relevant Catalogs 3.1 Market Overview - The trading volume of the commodity option market this week was 9,363,712.6, up 2.45% from last week; the open interest was 8,928,161, up 0.16% from last week. Among them, the trading volume of agricultural products, energy and chemicals, and black products increased, while the trading volume of precious metals decreased, and the trading volume of non - ferrous and new energy products increased significantly [6]. 3.2 Market Data 3.2.1 Market Overview - The report provides the flat - volatility, 60 - day quantile, Skew, and 60 - day quantile data of various commodity options, such as the flat - volatility of corn options being 11.83% and the 60 - day quantile being 93.33% [15]. 3.2.2 - 3.2.61 Various Commodity Options - For each type of commodity option (such as corn, soybean meal, etc.), the report details the closing prices, price changes, remaining trading days, trading volumes (including call, put, and total), trading volume PCR, open interests (including call, put, and total), open interest PCR, flat - volatility, HV - 10 days, HV - 20 days, and Skew of the main and secondary contracts and all contracts [16][17][18]...[76].

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - Gold is influenced by geopolitical factors, with rising geopolitical risks stimulating risk - aversion sentiment. It is judged that gold has reached a new starting point for an upward trend, and it is recommended to increase gold allocation [3]. - For silver, there are signs of weakening in both capital and fundamentals, and the pressure for continued price increases is growing. The trend - following long - position strategy is worth exiting, but the long - term upward trend has not ended. Strategies such as buying silver puts, buying gold, and using platinum and palladium for short - position protection are recommended [4]. 3. Summary by Relevant Catalogs 3.1 Transaction Aspect (Price, Spread, Inventory, Capital, and Position) - **Price and Spread** - This week, London gold rose 3.24%, and London silver rose 5.29%. The gold - silver ratio dropped from 58 to 57. The 10 - year TIPS rose to 1.9%, the 10 - year nominal interest rate fell to 4.18% (2 - year 3.54%), and the US dollar index was 99.13 [3]. - Overseas gold: The spread between London spot and COMEX gold主力 fell to - 9.395 dollars per ounce, and the spread between COMEX gold continuous and COMEX gold主力 was - 45.4 dollars per ounce [10]. - Overseas silver: The spread between London spot and COMEX silver主力 rose to 0.114 dollars per ounce, and the spread between COMEX silver continuous and COMEX silver主力 was - 0.37 dollars per ounce [16]. - Domestic gold: The current - futures spread was - 3.56 yuan per gram, at the lower end of the historical range; the inter - monthly spread was 8.66 yuan per gram, at the upper end of the historical range [22][28]. - Domestic silver: The current - futures spread was 28 yuan per gram, at the upper end of the historical range; the inter - monthly spread was 31 yuan per gram, at the lower end of the historical range [24][31]. - **Inventory** - COMEX gold inventory decreased by 2.83 tons, and the registered warrant ratio rose to 53.2% [39]. - COMEX silver inventory decreased by 312 tons to 13677 tons, and the registered warrant ratio fell to 28.4% [41]. - Domestic gold futures inventory decreased by 0.05 tons, and domestic silver futures inventory decreased by 71.38 tons to 620 tons [45]. - **Position and Capital** - COMEX CFTC non - commercial net long positions in gold and silver both decreased slightly [47]. - Gold SPDR ETF inventory decreased by 0.57 tons, and domestic gold ETF increased by 5.8 tons [50]. - Silver SLV ETF inventory decreased by 135 tons [54]. - This week, the gold exchange's deferred fee for gold was mainly paid from longs to shorts, indicating strong delivery power; for silver, it was mainly paid from shorts to longs, indicating strong receiving power [37]. 3.2 Core Drivers of Gold - The correlation between gold and real interest rates has recovered, and the 10Y TIPS continued to decline [63]. - Information on inflation, retail sales performance, non - farm employment performance, industrial manufacturing cycle, financial conditions, economic surprise index, and inflation surprise index is presented in the form of charts, but no specific analysis conclusions are provided in the text. - The 3M gold lease rate was - 0.35%, and the 3M silver lease rate was 5.35% [58].

Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Group 2: Report's Core View - For gold, as funds quickly exit the market before the Spring Festival and the price correction is in place, the market may focus on the impact of US economic data such as non - farm payrolls on the Fed's policy and geopolitical disturbances. Gold long positions above $4300 should be held, and attention should be paid to the recovery of the gold - silver ratio [1]. - For silver, long - position funds have significantly increased holdings through ETFs and physical delivery, driving the price to run strongly. The global inventory shortage may not be truly alleviated, but high prices may suppress industrial demand. After exchanges like CME raise margins, the irrational upward movement driven by short - term capital sentiment is expected to end, leading to volatility reduction. Attention should be paid to the potential回调 risk caused by the rebalancing of the global commodity index, and in high - volatility markets, a light - position, low - buying strategy above $70 is recommended [1]. - For platinum and palladium, due to strong macro and supply - demand fundamentals and relatively undervalued prices compared to gold, funds are driving value re - evaluation. They are expected to continue to rise in the medium - to - long - term. In the short - term, as market speculative sentiment weakens and volatility narrows, and with a strong external market, platinum and palladium can be bought lightly at around the 20 - day moving average. Palladium is relatively stronger, and shorting the platinum - palladium ratio can be attempted [1]. Group 3: Summary by Relevant Catalogs Domestic Futures Closing Prices - AU2602 contract closed at 997.94 yuan/g on January 8, down 0.96 yuan or 0.10% from January 7 [1]. - AG2604 contract closed at 18,450 yuan/kg on January 8, down 840 yuan or 4.35% from January 7 [1]. - PT2606 contract closed at 575.00 yuan/g on January 8, down 23.50 yuan or 3.93% from January 7 [1]. - PD2606 contract closed at 460.70 yuan/g on January 8, down 15.25 yuan or 3.20% from January 7 [1]. Foreign Futures Closing Prices - COMEX gold主力 contract closed at $4487.90 on January 8, up $20.80 or 0.47% from January 7 [1]. - COMEX silver主力 contract closed at $76.69 on January 8, down $1.29 or - 1.65% from January 7 [1]. - NYMEX platinum主力 contract closed at $2282.60 on January 8, down $7.80 or - 0.34% from January 7 [1]. - NYMEX palladium主力 contract closed at $1833.50 on January 8, up $16.50 or 0.91% from January 7 [1]. Spot Prices - London gold was at $4477.56 on January 8, up $21.49 or 0.48% from January 7 [1]. - London silver was at $76.97 on January 8, down $1.30 or - 1.66% from January 7 [1]. - Platinum spot was at $2267.45 on January 8, down $30.55 or - 1.33% from January 7 [1]. - Palladium spot was at $1780.26 on January 8, up $24.53 or 1.40% from January 7 [1]. - Shanghai Gold Exchange's gold T + D was at 995.86 yuan/g on January 8, down 3.34 yuan or - 0.33% from January 7 [1]. - Shanghai Gold Exchange's silver T + D was at 18,338 yuan/10g on January 8, down 1027 yuan or - 5.30% from January 7 [1]. - Shanghai Gold Exchange's gold 9995 was at 580 yuan/g on January 8, down 26 yuan or - 4.26% from January 7 [1]. Basis - The basis of gold TD - Shanghai gold主力 was - 2.08, down 2.38 from the previous value, with a 1 - year historical quantile of 69.00% [1]. - The basis of silver TD - Shanghai silver主力 was - 112, down 187 from the previous value, with a 1 - year historical quantile of 0.00% [1]. - The basis of London gold - COMEX gold was - 10.34, up 0.69 from the previous value, with a 1 - year historical quantile of 73.40% [1]. - The basis of London silver - COMEX silver was 0.28, down 0.01 from the previous value, with a 1 - year historical quantile of 90.70% [1]. Price Ratios - The COMEX gold/silver ratio was 58.52, up 1.23 or 2.16% from the previous value [1]. - The SHFE gold/silver ratio was 54.09, up 2.31 or 4.45% from the previous value [1]. - The NYMEX platinum/palladium ratio was 1.24, down 0.02 or - 1.24% from the previous value [1]. - The GZFE platinum/palladium ratio was 1.25, down 0.01 or - 0.75% from the previous value [1]. Interest Rates and Exchange Rates - The 10 - year US Treasury yield was 4.19%, up 0.04 percentage points or 1.0% from the previous value [1]. - The 2 - year US Treasury yield was 3.49%, up 0.02 percentage points or 0.6% from the previous value [1]. - The 10 - year TIPS Treasury yield was 1.92%, up 0.04 percentage points or 2.1% from the previous value [1]. - The US dollar index was 98.86, up 0.12 or 0.12% from the previous value [1]. - The on - shore RMB exchange rate was 6.9823, down 0.0112 or - 0.16% from the previous value [1]. Inventory and Positions - The SHFE gold inventory was 97,653, unchanged from the previous value [1]. - The SHFE silver inventory was 637,647 kg on January 8, up 84,218 kg or 15.22% from the previous value [1]. - The COMEX gold inventory was 36,387,376, down 16,076 or - 0.04% from the previous value [1]. - The COMEX silver inventory was 442,479,414, down 3,257,982 or - 0.73% from the previous value [1]. - The COMEX gold registered warehouse receipts were 19,345,676, up 16,280 or 0.08% from the previous value [1]. - The COMEX silver registered warehouse receipts were 127,180,871, down 5,093 or 0.00% from the previous value [1]. - The SPDR gold ETF position was 1,067, unchanged from the previous value [1]. - The SLV silver ETF position was 16,215, up 115.60 or 0.72% from the previous value [1].

Report Summary 1. Report Industry Investment Rating No information provided regarding the report industry investment rating. 2. Core Viewpoints - Precious metals continued to correct for the second day, with silver experiencing a more significant decline. The previous overheated market cooled down due to factors such as profit - taking by funds, commodity index rebalancing, and increased exchange supervision. Gold is expected to maintain a high - level wide - range oscillation with limited downside space, while silver has greater short - term volatility risks [1]. - The US economic data has been weakening. The December PMI weakened, and the number of job openings in November dropped to a 14 - month low. The non - farm payroll data to be released this Friday is a crucial variable [1]. - In the long - term, the shrinking of the US dollar credit supports the upward trend of gold and silver prices. The expected economic cycle shift to a mild recovery gives silver greater upward elasticity [4][8]. 3. Summary by Relevant Content 3.1 Key Information - In October, the US wholesale sales monthly rate slowed down, and the import volume decreased. The number of Challenger job cuts in December was the lowest since July 2024 [2]. - In November, the Eurozone PPI monthly rate exceeded expectations and the previous value, and the unemployment rate was better than expected and the previous value. In December, consumer confidence and industrial sentiment improved, while economic sentiment weakened [2]. - On January 8th, the Russian Foreign Ministry spokesperson stated that the deployment of Western troops and military facilities in Ukraine would be regarded as an intervention threatening security, and they would be considered legitimate combat targets [2]. - On January 8th, Trump announced that he would request Congress to allocate $1.5 trillion for the military budget in the 2027 fiscal year, a more than 50% increase from this year [3]. 3.2 Price Logic - **Gold**: The intraday price declined again. The main reason was the short - term selling pressure caused by the commodity index rebalancing from January 9 - 15, during which the gold allocation ratio would be reduced from 20% to 14.9%. However, factors such as continuous central bank gold purchases, geopolitical tensions, and bets on Fed rate cuts continued to provide support. In the short - term, four factors should be focused on, and in the quarter from the nomination to the assumption of office of the Fed chairman, gold is expected to maintain an oscillating upward trend [4][8]. - **Silver**: The intraday price continued to decline significantly. It was suppressed by multiple factors such as the selling of silver futures due to commodity index rebalancing, increased supervision by domestic and foreign exchanges, and the cooling of speculative sentiment. The short - term volatility risk of silver should be vigilant, and the silver rental rate has fallen from a high level, alleviating the squeeze risk [8]. 3.3 Commodity Index - On January 8, 2026, the comprehensive index, commodity 20 index, and industrial product index all declined, with decreases of 1.06%, 1.00%, and 1.19% respectively [50]. - The precious metal index on January 8, 2026, had a daily decline of 1.39%, a 5 - day increase of 3.94%, a 1 - month increase of 13.71%, and a year - to - date increase of 3.94% [52].

Core Viewpoint - The article discusses the recent volatility in the precious metals market, particularly gold and silver, due to significant sell-off pressures triggered by the annual rebalancing of the Bloomberg Commodity Index, which is expected to lead to over $10 billion in long position liquidations in gold and silver futures [3][4]. Group 1: Market Dynamics - The Bloomberg Commodity Index, a widely used benchmark in the commodity investment field, had nearly $109 billion in assets under management as of last October [4]. - The annual weight adjustment period for this index runs from January 8 to 14, with silver's weight being reduced from 9% to just below 4%, and gold's weight also significantly lowered [4]. - Citigroup estimates that the sell-off in gold and silver will amount to around $7 billion each, with Morgan Stanley highlighting that silver will face the most substantial selling pressure this year compared to last [5]. Group 2: Seasonal Trends and Investor Behavior - Historically, January is a month of intense market dynamics for gold, with an 80% probability of price increases during the last ten trading days of the previous year and the first twenty trading days of the new year [5]. - However, the large-scale technical sell-off due to index weight adjustments may counteract this seasonal trend, prompting investors to closely monitor this variable [5]. - Recent data from the CFTC indicates that speculators reduced their net long positions in gold and silver, with gold positions decreasing by 10,668 contracts and silver by 7,270 contracts as of December 30 [6]. Group 3: Future Outlook - Despite the short-term price corrections, the outlook for gold remains positive due to ongoing geopolitical tensions and expectations of further monetary easing by the Federal Reserve, which typically supports gold prices [8][10]. - The World Gold Council reports that central banks' gold holdings have reached nearly $4 trillion, surpassing U.S. Treasury holdings for the first time in 30 years, indicating a significant shift in reserve asset preferences [8]. - UBS forecasts that gold prices could reach $5,000 per ounce by the end of the first quarter, driven by central bank purchases, expanding fiscal deficits, and persistent geopolitical risks [10].

Group 1 - The core viewpoint of the article highlights the upward trend in New York silver and gold prices, with silver experiencing a daily increase of 5% and gold rising by over 1% [1]

Group 1: Aluminum Market - The current price of aluminum is 447.45, showing a decrease of 13.00% from the previous session [1] - The highest price recorded is 457.10, while the lowest is 447.45, indicating a volatile trading range [1] - The total trading volume stands at 514.30 million, with a current hand of 450.00 [1] Group 2: Platinum Market - Platinum is currently priced at 589.85, reflecting a decline of 13.00% [2] - The highest price for platinum reached 595.00, with a lowest price of 589.85 [2] - The total trading volume is 677.95 million, with a current hand of 589.85 [2] Group 3: Silver Market - Silver opened at 17434, down by 7.69% [3] - The highest price for silver was 18636, while the lowest was 17205 [3] - The total trading volume is 18887 million, with a current hand of 18000 [3] Group 4: Gold Market - Gold is currently priced at 975.82, down by 4.00% [4] - The highest price for gold was 1007.12, with a lowest price of 970.02 [4] - The total trading volume is 1016.46 million, with a current hand of 1004.72 [4]

Group 1: U.S. Stock Market Performance - Institutional investors are adjusting their positions as they reassess the AI industry's development and profitability prospects for the coming year, leading to a decline in U.S. tech stocks [1] - The three major U.S. stock indices closed lower, with the Dow Jones down 0.51%, the S&P 500 down 0.35%, and the Nasdaq down 0.50% [1] - Tesla led the decline among the seven major U.S. tech giants, falling by 3.27%, following reports that Cathie Wood's firm sold approximately $30 million worth of Tesla shares [1] Group 2: European Stock Market Performance - European markets showed mixed results, influenced by ongoing peace negotiations between Russia and Ukraine, which are reportedly in the "final stages" [2] - The defense and military stocks in Europe faced downward pressure, contributing to slight declines in some national indices, with the UK market down 0.04%, while France and Germany saw minor increases of 0.10% and 0.05%, respectively [2] Group 3: International Oil Prices - International oil prices saw a significant increase due to investor expectations that Russian oil will take time to return to the international market and concerns over Middle Eastern oil supply disruptions following Saudi airstrikes in Yemen [3] - As of the close, light crude oil futures for February delivery settled at $58.08 per barrel, up 2.36%, while Brent crude futures for February delivery closed at $61.94 per barrel, up 2.14% [3] Group 4: Precious Metals Market - Precious metals prices experienced a sharp decline, with silver futures recording the largest single-day drop in nearly five years, attributed to a significant increase in margin requirements by the CME Group [4] - Gold futures fell over 4.5%, breaking through the $4,500 and $4,400 per ounce levels, while silver futures dropped more than 8%, reaching a maximum intraday fluctuation of 15% [4] - As of the close, gold futures for February delivery settled at $4,343.6 per ounce, silver futures for March delivery at $70.460 per ounce, and palladium futures at $1,687.9 per ounce, with respective declines of 4.59%, 8.73%, and 16.58% [4]