Three major themes promote risk-avoidance buying, and the precious metals market maintains high volatility.

During the 2026 Spring Festival holiday, the international precious metals market initially weakened but then rebounded, resuming its upward trend. London spot gold rebounded for four consecutive trading days, briefly breaking through 5200 US dollars per ounce. The trend of London spot silver was highly synchronized with gold, but with more noticeable elasticity. As of the closing on February 23, London gold had accumulated an increase of about 3.67% during the Spring Festival holiday, while London silver had risen by about 14.03%. Analysts believe that the current situation in the gold and silver market is driven by three main factors: the escalating geopolitical situation between the US and Iran, the emerging stagflation pattern in the US economy, and the tariff rulings suppressing the US dollar, all of which have collectively led to a significant influx of safe-haven buying in the precious metals market.