#黄金白银再创新高 Gold and Silver Rise Together to New Highs

Since the beginning of 2026, the global precious metals market has entered a strong bull market, with gold and silver prices soaring and continuously breaking through key resistance levels. On January 23, a historic moment occurred—spot gold prices intraday surpassed $4,967.37 per ounce, just one step away from the $5,000 mark. Simultaneously, New York futures hit $4,960 per ounce; spot silver broke through the $100 per ounce threshold for the first time, with COMEX silver futures at $103.26 per ounce. Since the start of the year, prices have increased by over 40%, with gold and silver reaching record highs together, and the market heat for precious metals rising to new heights.

This upward trend is not a short-term pulse but a sustained rally since New Year’s Day 2026. Gold has consecutively broken through several integer levels—$4,400, $4,600, $4,800—in just three weeks, pushing towards $5,000. Silver has demonstrated even stronger price elasticity, accelerating upward since the beginning of the year, breaking through the critical $90 level and decisively surpassing the $100 mark, becoming the most eye-catching commodity in the precious metals market this year. The hot international market has quickly transmitted to the domestic scene, with several brand-name gold jewelry prices approaching and surpassing 1,500 yuan, and Lao Miao Gold’s pure gold jewelry experiencing daily increases of over 50 yuan per gram. The demand for precious metals in both consumption and investment markets is heating up simultaneously.

Multiple positive factors are resonating, forming the core driving forces behind the rising gold and silver prices. From a macro perspective, expectations for the Federal Reserve to cut interest rates in 2026 continue to intensify, coupled with a global easing of liquidity, leading to a weakening US dollar index. This significantly reduces the opportunity cost of holding gold and silver, prompting large capital inflows into the precious metals market. Meanwhile, geopolitical uncertainties persist, with frequent incidents such as disputes over Greenland, US-EU trade tensions, and tariff battles, fueling global risk aversion. As traditional safe-haven assets, gold and silver have become key options for risk hedging. Central banks worldwide are also increasing their gold purchases, with Goldman Sachs estimating that central banks will buy an average of 60 tons of gold per month in 2026. The combined demand from private investors and central banks is competing for limited physical gold supplies, further pushing up gold prices.

The strong rise in silver is also attributed to its dual attributes—financial and industrial. On one hand, silver follows the bullish trend of precious metals, benefiting from safe-haven demand and expectations of rate cuts. On the other hand, the rapid development of emerging industries such as photovoltaics, new energy vehicles, 5G, and AI has generated massive industrial demand for silver. The increase in photovoltaic installations has driven a surge in silver paste demand, while the silver consumption of new energy vehicles far exceeds that of traditional models. The global supply-demand gap for silver continues to widen, reaching 3,660 tons in 2025. With mining capacity growth constrained, supply-side tightening further amplifies silver’s price elasticity.

Market outlook for precious metals remains optimistic, with major institutions raising their target prices. Goldman Sachs has significantly raised its year-end 2026 gold target price to $5,400 per ounce, believing that surging demand from private investors and central banks will support long-term price increases, viewing the current gold rally as a long-term trend rather than a short-term spike. Citigroup previously raised its silver target price to $100 per ounce, accurately predicting this breakout. Most institutions believe that until the Federal Reserve’s rate-cut cycle clearly shifts and geopolitical risks ease, the bull market for gold will continue.

Although silver shows strong upward momentum, short-term volatility risks should be watched carefully. Current silver price indicators show overbought conditions, ETF fund flows are continuously net outflows, and industrial demand has shown some negative feedback due to high prices. The photovoltaic industry has begun researching technologies to reduce silver usage. Analysts point out that next week’s Federal Reserve policy meeting could be a key turning point for silver. If there are any marginal changes in monetary policy, a short-term correction in silver prices may occur. However, in the long term, given the persistent supply-demand gap and the overall bullish environment for precious metals, silver still has upward potential.

The historic surge of gold and silver not only highlights the asset allocation value of precious metals amid global economic and policy uncertainties but also reflects a reevaluation of the global credit currency system and supply chain patterns. For investors, the long-term allocation value of precious metals remains recognized, but short-term risks of high-level fluctuations should be cautious. For the real economy, it is essential to hedge against raw material price increases and seize opportunities and challenges brought by industry transformation.