Editor’s Note
Gold continues to shine, reaching new highs with a notable 17% year-over-year gain, while base metals face adjustment pressures.
Precious metals continue to be the brightest spot in the financial markets. In particular, the price of gold reached $5,054.82 per ounce, marking a 0.62% increase from the previous week. Notably, this commodity has recorded an increase of approximately 10% since the beginning of the year and a significant 17.04% rise compared to the same period last year.
Particularly noteworthy is the continued downward trend in raw materials for steel production and iron ore. Steel prices in the Chinese market fell to 3,049 yuan per ton. Iron ore prices have recorded significant declines of 6.50% and 6.85% respectively since the beginning of the year, in both yuan and US dollar terms. This reflects the continued sluggish demand for steel from the construction industry, particularly in the domestic Chinese market.
Silicon also continues its downward trend, falling by about 6% month-on-month. The only bright spot in this group is titanium, whose price has stabilized at 45.50 yuan/kg, recording a slight increase of 1.11% since the beginning of the year.
As of February 11, 2026, the global metals market showed a pronounced divergence between precious and industrial metal prices. While capital inflows into safe-haven assets continued, commodities linked to the production and construction cycle still struggled with balanced pricing in the absence of a robust demand recovery.
This reflects investors’ cautious stance amid economic uncertainty, boosting demand for safe-haven assets. The price movements of gold and silver indicate that safe-haven capital favors precious metals.
Silver also recorded a significant weekly increase of 2.31%, reaching $82.643 per ounce. However, in the short term, it is down 6.25% month-on-month, reflecting the tug-of-war between its status as a safe-haven asset and industrial demand. Similarly, platinum rose 2.06% last week but remains about 10% lower compared to the beginning of the year.
In contrast to gold’s upward momentum, industrial metals are under pressure from the outlook for the real economy. Copper is currently trading at $5.9310 per pound, showing a slight weekly increase of 0.30% but still down 1.67% year-to-date. The slight short-term recovery suggests improving expectations in the manufacturing sector, but it is not strong enough to reverse the medium-term trend.
Furthermore, metals used in battery manufacturing and high-tech industries are also affected by this adjustment trend. Lithium fell to 136,000 yuan per ton this week, despite a slight rebound of 0.37%, but is down more than 10% compared to early 2026. The main reasons for this decline are believed to be oversupply pressure and a slowdown in the global electric vehicle market.
In summary, the situation in the metals market as of February 11, 2026, reflects investors’ cautious stance. While gold has solidified its position as a safe-haven asset, industrial metals will need clearer signals from a recovery in the real economy to regain upward momentum.
Major Metal Commodity Prices as of February 11, 2026
| Metal | Unit | Current Price | Week (%) | YTD (%) |
|---|---|---|---|---|
| Gold | USD/troy oz | 5,054.82 | +0.62% | +9.94% |
| Silver | USD/troy oz | 82.643 | +2.31% | -2.93% |
| Copper | USD/lb | 5.9310 | +0.30% | -1.67% |
| Steel | CNY/ton | 3,049.00 | -0.10% | -2.62% |
| Lithium | CNY/ton | 136,000 | +0.37% | -10.53% |
| Iron Ore | USD/T | 100.84 | +0.21% | -6.85% |
