Gold and silver prices advanced during the early trading session on February 9. Spot gold rose more than 1%, reaching $5,017 per ounce and reclaiming the $5,000 level. Spot silver opened higher, gaining nearly 3% to trade at $79 per ounce.

On February 8, the SDIC Silver LOF announced that, to protect investor interests, the fund would suspend trading from the market open until 10:30 on February 9, 2026, resuming at that time. If the premium does not decrease effectively, the fund reserves the right to take further measures. Since January 28, 2026, the fund has already suspended subscription services, including systematic investment plans, with a resumption date to be announced separately.

Regarding the recent sharp fluctuations and future direction of the gold market, Ao Chong, Chief Metals Analyst at Citic Securities, stated that the current upward trend for gold is not yet over. He indicated that liquidity expectations are the primary driver of gold prices at present, while ongoing geopolitical conflicts also provide periodic safe-haven support.

Ao Chong further analyzed that with continued liquidity injections, the Chinese and global economies could see a phase of recovery within the next 6 to 12 months, boosting market demand. Combined with supply constraints, this could help metal prices regain support after adjustments and potentially reach new highs.

Notably, statistics released by the State Administration of Foreign Exchange on February 7 showed that the central bank's gold reserves increased for the 15th consecutive month as of the end of January 2026. However, the increase of 40,000 ounces remained at the lowest level since the central bank resumed its accumulation cycle in November 2024.

Pang Miao, a Senior Research Fellow at the National Institution for Finance & Development, interpreted this trend, noting that over the past year, central banks globally have generally increased their gold allocations to hedge against volatility in U.S. dollar assets and diversify geopolitical risks. China's 15 consecutive months of gold accumulation reflect a clear intent to raise the proportion of "non-credit assets" in its foreign exchange reserves, underscoring a heightened focus on the safety and long-term stability of reserve assets amid an accelerating transformation of the global monetary system.

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