Spot gold surged past $4,690 per ounce, while spot silver climbed above $94 per ounce, with both metals reaching unprecedented historical peaks. According to Wind data, the spot silver price has risen by approximately 30% since the beginning of the year.

As of the latest update, London spot gold was up 1.64% at $4,671.07 per ounce, and London spot silver increased by 3.39% to $93.194 per ounce; COMEX gold advanced 1.88% to $4,681.7 per ounce, and COMEX silver jumped 5.83% to $93.7 per ounce. A research report from CITIC Securities Futures on the 18th noted that precious metals maintained high levels this week (January 12–18), with varied performances across different metals. Gold continued its steady upward trend, silver broke strongly past $92 before a slight pullback, platinum showed significant volatility and ended the week higher, while palladium performed weakly and closed lower. These differences were attributed to the varying degrees of previous gains and the distinct impact of news on each metal. Strategically, CITIC Securities Futures analyzed that former President Trump's announcement of imposing tariffs on eight European countries and the escalating dispute over Greenland have heightened geopolitical tensions, which may continue to drive wide fluctuations in precious metal prices. Events such as the selection of the new Federal Reserve Chair and the investigation into Powell have fueled "devaluation trades," stimulating gold's monetary attributes and sustaining its relatively stable upward trend. However, the concentrated spot situation for silver, platinum, and palladium in New York has eased, reducing the driving force of supply tightness on prices. The divergence among precious metals is likely to persist, and investors should remain vigilant about short-term risks. In terms of operations, CITIC Securities Futures suggested that long-term long positions in gold can be maintained, while silver, platinum, and palladium should be watched for now. The reference range for Shanghai gold 2604 is 1,010–1,060 yuan per gram, for Shanghai silver 2604 it is 19,000–23,000 yuan per kilogram, for platinum 2606 it is 570–630 yuan per gram, and for palladium 2606 it is 440–490 yuan per gram.