Gold and silver's upward momentum continues! On the 28th, spot gold rose more than 1% intraday, reaching a record high of $5,247.628 per ounce. As of this writing, it is trading at $5,243.608 per ounce, up 1.19%. Spot silver gained 2.8% intraday, now trading at $115.042 per ounce.
Domestic gold jewelry prices have also climbed to a historic peak, surpassing 1,600 yuan per gram. On January 28, Lao Feng Xiang's pure gold jewelry was quoted at 1,620 yuan per gram; Chow Tai Fook's gold jewelry was quoted at 1,618 yuan per gram; Lao Miao Gold's pure gold jewelry was quoted at 1,618 yuan per gram; and Chow Sang Sang's gold jewelry was priced at 1,614 yuan per gram.
Trump: New Fed Chair Nominee to be Announced Soon On the news front, the U.S. Dollar Index fell sharply on January 27 (local time), hitting its lowest level in nearly four years. During the day, the exchange rates of the U.S. dollar against the Japanese yen and the euro, among other major currencies, fell by more than 1%. As of this writing, the Dollar Index has recovered to 96.11, up 0.21%.
Analysis suggests that the recent sustained weakness of the U.S. dollar stems from the inconsistent policies of U.S. President Trump in both domestic and foreign affairs, which has somewhat undermined U.S. credibility and affected global investors' confidence in dollar-denominated assets. Furthermore, preliminary survey data released on the 27th by The Conference Board, a U.S. research institution, showed that the U.S. Consumer Confidence Index for January dropped significantly to 84.5 from the revised 94.2 in December 2025, marking the lowest level since May 2014. On January 27 (local time), U.S. President Trump once again criticized Federal Reserve Chairman Powell during a public speech in Iowa, calling him "a terrible Fed Chair." Trump stated that Powell wants to keep interest rates as high as possible for as long as possible. Trump indicated that a new nominee for Fed Chair will be announced soon.
Gold and Silver Funds Announce: Subscription Suspension In the markets, most Hong Kong-listed gold stocks strengthened. As of this writing, Chifeng Gold (06693.HK) rose 5.76%, Shandong Gold (01729.HK) gained 5.26%, Zhaojin Mining (01818.HK) advanced 4.32%, and Lingbao Gold (03330.HK) increased by 2.95%.
Notably, following the earlier announcement by the白银基金 to suspend subscription services, E Fund Gold Theme LOF announced last night that it would suspend subscriptions for its related products starting today. E Fund Gold Theme LOF: Suspends subscriptions and scheduled fixed-amount investment services for Class A RMB shares effective January 28.
On January 27, E Fund Gold Theme LOF announced that it would suspend subscription and scheduled fixed-amount investment services for its Class A RMB shares starting January 28. 白银基金: Will suspend subscription (including scheduled fixed-amount investment) business starting January 28.
On January 26, the白银基金 announced that it would suspend subscription (including scheduled fixed-amount investment) business starting January 28. 白银基金: Trading will be halted from market open until 10:30 on January 28.
Additionally, on January 27, the白银基金 announced that the fund would be suspended from the start of trading on January 28, 2026, until 10:30 that day, resuming trading at 10:30 on January 28, 2026. If the premium of the fund's secondary market trading price on January 28, 2026, does not effectively decrease, the fund has the right to apply to the Shenzhen Stock Exchange for intraday temporary trading halts, extend the suspension period, and other measures to warn the market of risks, subject to announcements at that time. Faced with a precious metals market showing no clear signs of braking, commodity exchanges are taking action. The Chicago Mercantile Exchange (CME) issued a notice on the 27th (local time) adjusting the margin parameters for some silver, platinum, and palladium futures contracts. Documents show that the new margin rates for some silver contracts are higher than previous levels, approximately 11% of the notional value. The new standards will take effect after the close of trading on January 28 (local time).
Meanwhile, an increasing number of analysts are focusing on risk warnings. Marko Kolanovic, former Chief Strategist and Global Head of Macro Research at J.P. Morgan, believes the sharp rise in silver prices is not driven by fundamentals, with the gains primarily stemming from speculative activity, calling this rally "the result of meme traders attempting to dominate the market." Kolanovic expects that silver prices could fall to roughly half their current level later in 2026. Shenyin & Wanguo Futures believes that the recent continuous rise in international gold prices, repeatedly setting new historical records, is the result of combined factors including changes in the geopolitical landscape and a persistently loose liquidity environment. From a liquidity perspective, economic data shows easing U.S. inflationary pressures and still-weak employment, suggesting the Fed will continue to cut interest rates in 2026. This accommodative liquidity environment provides strong support for the rise in precious metals. Against this backdrop, global investors' strategic allocation demand for precious metals is increasing, and the scale of gold and silver ETFs continues to expand, further boosting precious metal prices. Bosera Funds stated that during periods of high economic and political uncertainty, gold's role as a safe-haven and diversification tool makes it a advantageous component of strategic investment portfolios. Particularly when equity market valuations are already high, and volatility and price trends in the digital currency space are turning downward, gold's appeal in the current situation is expected to become increasingly evident.
