On January 14, 2026, China's domestic futures contracts displayed a mixed performance. Shanghai Tin surged by 8%, while Shanghai Silver climbed over 8%. Fuel oil rose more than 6%, and platinum increased over 3%. Low-sulfur fuel oil (LU) and pure benzene both advanced more than 2%. On the downside, lithium carbonate fell over 3%, and caustic soda dropped more than 2%. Glass, polysilicon, coking coal, and rapeseed meal all declined over 1%.
Everbright Futures noted that with the Fed potentially pausing rate cuts in January, geopolitical tensions have become the short-term focus. Conflicts involving the US and Venezuela, the situation in Greenland, and tensions with Iran have reignited global investor unease over frequent geopolitical clashes, making it difficult for gold's near-term appeal to diminish.
Yide Futures suggested that frequent geopolitical incidents, likely to intensify in the near future, will further bolster the "order restructuring" narrative supporting gold prices in the medium term. The objective and tendency to compete for key mineral resources will also directly and indirectly benefit silver, platinum, and palladium. Technically, both gold and silver have broken upward, setting new highs on the same day, indicating further potential for gold's ascent.
Dongwu Futures anticipates that precious metals will maintain their upward trend after recently digesting the impact of Bloomberg's parameter adjustments. Key focuses ahead include the selection of the new Fed Chair, potential conflict developments between Israel and Iran in the Middle East, and geopolitical influences from South America and Greenland.
New Times Futures indicated that, in the short term, attention is on the final interview for the Fed Chair candidate conducted this week by Trump, focusing on the new chair's profile. Over the medium to long term, sustained central bank gold purchases, combined with persistent global liquidity and an irreversible—even accelerating—trend of de-dollarization, will continue to support the upward trajectory of precious metals, suggesting they are likely to remain strong.