On February 3rd, gold and silver experienced a surge, followed by a significant pullback on February 5th. The core drivers and key information are as follows:
1. Core reasons for the surge
- Macroeconomic and policy expectations: Expectations for Federal Reserve interest rate cuts have increased, the US dollar has weakened, coupled with global geopolitical turmoil, leading to a surge in demand for safe havens and inflation hedging.
- Funding and emotional drivers: Speculative funds have surged in, with a technical rebound after previous overselling; on February 3rd, London gold rose by 5.77%, and London silver rose by 9.79% (at one point exceeding 12% intra-day).
- Industrial attributes of silver: Rigid growth in industrial demand such as photovoltaics and new energy vehicles, combined with limited supply, making it more elastic than gold.
- Central banks buying gold: Global central banks continue to increase gold holdings, supporting gold prices.
II. Latest market conditions (2026-02-05 20:01)
- London gold spot: 4867.5 USD/ounce, down 2.86%
- London silver spot: 78.626 USD/ounce, down 12.24%
- Gold T+D: 1092 Yuan/gram, down 1.28%
- Shanghai silver main contract: 20255 Yuan/kilogram, down 10.85%
III. Investment reminders
- Short-term fluctuations in gold and silver are significant, especially silver due to its smaller market and high speculation, often exceeding gold's volatility.
- Attention should be paid to Federal Reserve policies, non-farm data, geopolitical situations, etc., strictly control positions to avoid chasing prices and panic selling.