Editor’s Note
This article highlights the recent surge in precious metals prices, emphasizing the importance of understanding market dynamics for both current investors and potential newcomers.
On February 9th, the precious metals market experienced a significant surge, with both gold and silver prices rising sharply. Domestic gold jewelry prices followed suit with substantial increases. Those holding gold and silver assets are now celebrating, while those who haven’t invested should not just watch from the sidelines—it’s crucial to understand the dynamics behind this market movement.
On that day, the international spot gold price directly reclaimed the $5,000 per ounce mark. New York gold futures also rose by over 1%. Domestic gold jewelry prices experienced an overnight jump. For instance, Lao Miao Gold’s pure gold price per gram increased by 27 yuan, finally quoted at 1,566 yuan per gram. Brands such as Chow Sang Sang and Chow Tai Fook also simultaneously raised their prices, with post-increase prices per gram reaching around 1,560 yuan, setting a recent high.
Silver’s rally was even more intense than gold’s, making it the “star” of this market movement. London spot silver returned to above $80 per ounce. New York silver futures saw an intraday gain of over 5% at one point. Domestically, the main Shanghai silver futures contract surged directly by over 8%, and Silver T+D also rose by 8%. The gold-to-silver ratio fell to a near five-year low, indicating that silver’s catch-up rally has fully arrived.