On February 26, the international precious metals market remained strong. The spot gold price in London broke through $5,200 per ounce, setting a new record high. Spot silver also surged sharply, rising more than 4% during the day and standing above the $90 level. Safe-haven demand, central bank gold purchases, and liquidity expectations jointly boosted the precious metals rally.

Safe-haven sentiment worldwide supported gold prices. Uncertainties in geopolitical conditions persist, driving capital toward safe assets, with gold favored as a traditional hedge. Global central banks continue to increase gold reserves to optimize their foreign exchange structures, supporting long-term demand. Meanwhile, rising market expectations of Federal Reserve rate cuts this year have lowered real interest rate expectations, benefiting non-interest-bearing gold.

Commodity markets showed diverging trends. For crude oil, a sharp increase in US EIA inventories weighed on oil prices, with US crude trading in a narrow range. Base metals moved mixed. Affected by a brief outage at CME, market trading sentiment was cautious, with copper, aluminum, and other varieties consolidating in a range.

Analysts point out that the bullish logic for precious metals remains intact, supported by both safe-haven and monetary attributes. However, given the large short-term gains, increased volatility and pullback risks require caution. Industrial metals will follow macro sentiment and supply-demand dynamics, with attention to domestic resumption of work and overseas demand recovery.