On January 27, the international precious metals market showed an extremely differentiated trend. Spot gold prices continued to climb, breaking through multiple levels from 5,020 to 5,060 U.S. dollars per ounce, with the maximum intraday gain reaching 1.04%. In contrast, New York gold futures prices fluctuated downward, with the intraday decline expanding to 1.41% at one point, successively losing the levels from 5,050 to 5,090 U.S. dollars per ounce.

The silver market performed even more eye-catching. Spot silver prices surged by as much as 13.38% intraday, the largest daily gain since 2008, hitting 117 U.S. dollars per ounce, achieving a tenfold increase in five years compared to the low of 11.23 U.S. dollars per ounce in 2020. New York silver futures also soared 15.46% before pulling back sharply, once falling below 102 U.S. dollars per ounce, with an intraday fluctuation range exceeding 15 U.S. dollars. Palladium futures, however, fell against the trend by 8.65%, breaking through the 2,000 U.S. dollars per ounce level.

A latest report from Morgan Stanley predicts that supported by geopolitical uncertainties and central bank gold purchases, gold prices may surge to 5,700 U.S. dollars per ounce in the second half of the year. Analysts pointed out that the trend of real interest rates, U.S. dollar fluctuations, and global risk aversion are still the core factors driving the precious metals market, and institutional positions are adjusting significantly amid increased short-term volatility.