On January 29, 2026 (Thursday) during the Asian trading session, spot gold and COMEX gold both surpassed $5500 per ounce, reaching daily highs of $5598.75 and $5626.8 respectively, setting new historical highs. Spot silver and COMEX silver also broke through $118 per ounce, with a peak of $119.34, refreshing historical records.

Core Data Overview

• Gold: Surpassed $5500 per ounce during the Asian session on the 29th, with an annual increase approaching 30%

• Silver: Surpassed $118 per ounce during the Asian session on the 29th, with an annual increase exceeding 60%

• Domestic: Shanghai gold main contract peaked at 1252.98 yuan per gram (up nearly 8%); Shanghai silver main contract peaked at 30444 yuan per kilogram (up over 4%)

Core Drivers of the Surge

1. Surge in Safe-Haven Demand: Tensions in geopolitical situations and uncertainties in the global economy and monetary outlook have led to a flow of funds into precious metals.

2. Federal Reserve Policy Expectations: On January 28, the interest rate was maintained at 3.5%-3.75%, with the market betting on subsequent rate cuts, reducing the opportunity cost of holding non-yielding gold.

3. Central Banks Continuing to Buy Gold: Global central banks are increasing their gold holdings, supporting gold prices.

4. Silver Supply and Demand Resonance: Combining financial and industrial attributes (photovoltaic, electronics, new energy demand), along with limited supply, the rise in silver significantly outperforms gold.

5. Weakening Dollar: High U.S. debt and expanding fiscal deficits are putting pressure on the dollar's credibility, pushing up precious metals priced in dollars.

Institutional Views and Risk Warnings

• Institutions remain generally optimistic; Goldman Sachs predicts that if the Federal Reserve's policy shifts, gold could rise to $5800, while silver aims for $135.

• Warning: Short-term increases are too large, and volatility is intensifying; changes in monetary policy, geopolitical situations, and dollar trends may trigger a correction.