On January 26, 2026, international gold, silver, and non-ferrous metal prices surged across the board. London spot gold broke through $5,100 per ounce, silver surpassed $110 per ounce, the A-share precious metals sector led the gains with multiple stocks hitting the daily limit, and the futures market soared simultaneously.

Event Summary

Price Performance

Gold: London spot gold hit a new all-time high of $5,100 per ounce; the main contract of domestic Shanghai gold futures rose by 3.67%.
Silver: London spot silver surged to $110.127 per ounce; the main contract of Shanghai silver futures skyrocketed by 12.78%.
Other metals: Platinum and palladium futures increased by 9.68% and 7.17%, respectively. Shanghai tin futures reached a record high during trading before pulling back.
Market Linkage

The A-share precious metals sector led the rally, with the Gold Jewelry Index rising by 7.08%, and over ten stocks including Hunan Gold and Zhaojin Gold hitting the daily limit.
The non-ferrous metals sector was driven by dollar depreciation, geopolitical risks, and industry demand, with copper, aluminum, and other commodities following suit.
Driving Factors

Macroeconomic Level: Expectations of easing monetary policy by the Federal Reserve, weakening of the US dollar’s credit, and geopolitical risks (such as US-EU tariff disputes) boosted safe-haven demand.
Industry Level: Demand for industrial metals driven by photovoltaic, AI computing power, and new energy sectors. Silver has experienced a supply-demand gap expansion for five consecutive years, and the long-term value of gold as a portfolio allocation has become prominent.
Regulatory Dynamics

On January 26, during the midday session, the Shanghai Futures Exchange took emergency measures against 16 clients suspected of violating trading rules, including restrictions on opening positions and withdrawals, warning the market about irrational speculation risks.
Industry Chain Impact

In 2025, 73% of listed companies in the non-ferrous metals industry reported positive earnings forecasts. Companies like Zhaojin Gold and Zijin Mining turned losses into profits or saw significant profit increases due to metal price rises.
Institutional forecasts suggest the continuation of medium- and long-term price increases but also warn of short-term high volatility risks, recommending rational participation.