Today, the international precious metals market ushered in an explosive market. Spot silver took the lead in breaking through the key mark, driving gold to strengthen synchronously, forming a rare pattern of simultaneous rise in stocks and gold with Asia-Pacific stocks, and becoming the core focus of global capital allocation. As of 14:37 on February 9, the intraday gain of spot silver expanded to about 4%, with the quotation breaking through 80.9 US dollars per ounce, successfully standing firm at the key integer mark of 80 US dollars, and London Silver Spot hit a high of 81.638 US dollars per ounce.
At the same time, international spot gold fluctuated at a high level around 5000 US dollars per ounce. Domestic gold T+D and Shanghai Gold Futures rose nearly 4%, and Shanghai Silver Futures rose more than 7%, showing an obvious trend of capital pouring into the precious metals market. Different from the past, the rise of precious metals this time was not affected by the capital diversion from the stock market, but resonated with the equity market, driven by the joint force of multiple factors.
From the perspective of silver logic, it has both industrial and monetary attributes. The demand in fields such as photovoltaic, new energy vehicles and electronic manufacturing continues to grow. The global industrial silver demand is expected to increase by 15% year-on-year in 2026, while the growth rate of mine supply is only 3%. The supply-demand gap continues to expand, coupled with the global inventory being at a 5-year low, which has greatly enhanced the price elasticity of silver.
Gold, relying on its traditional safe-haven attribute, continues to be supported by central bank gold purchases and institutional allocation funds against the background of tense geopolitical situation and unsubdued inflation expectations. Data from the World Gold Council shows that the global central bank gold purchase volume reached 1230 tons in 2025, a net purchase for 7 consecutive years, becoming an important cornerstone for gold prices to remain at a high level. For ordinary investors, silver is more volatile than gold, with both opportunities and risks, so prudent layout is required.
