On January 28, spot gold experienced another significant surge, breaking through the $5,200 per ounce level for the first time during the trading session and setting a new historical record high.
As of the time of writing, the price of spot gold continues to climb, with the latest quote at $5,216.368 per ounce, representing a gain of over 20%, or more than $900, since the beginning of the year.
Wind data shows that on January 27 local time, the spot gold price continued its upward trajectory, briefly surpassing the $5,190 per ounce mark to set a new record high; concurrently, the spot silver price rose by over 7%, settling around $11.20 per ounce near the close. Shenyin & Wanguo Futures believes that the recent sustained rise in international gold prices, repeatedly reaching new historical highs, is the result of combined factors including changes in the geopolitical landscape and a persistently loose liquidity environment. From a liquidity perspective, economic data indicates easing inflationary pressures and continued weakness in the US job market, with the Federal Reserve expected to continue interest rate cuts 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 has increased, 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 superior asset for strategic investment portfolios. Particularly, with equity market valuations already elevated and the volatility and price trends in the digital currency sector turning downward, the attractiveness of gold in the current environment is expected to become increasingly apparent. Domestic gold jewelry prices have similarly reached a historical high, exceeding 1,600 yuan per gram. On January 28, Lao Feng Xiang's足金 (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足金 (pure gold) jewelry was quoted at 1,612 yuan per gram; and Chow Sang Sang's gold jewelry was priced at 1,614 yuan per gram.
Furthermore, following the earlier announcement by the SDIC Silver LOF to suspend subscription services, the E Fund Gold Theme LOF also announced on the evening of January 27 that it would suspend subscription and systematic investment plan services for its Class A RMB shares starting January 28. On January 26, the SDIC Silver LOF announced that it would suspend subscriptions (including systematic investment plans) starting January 28. Additionally, on January 27, the SDIC Silver LOF announced that it would be suspended from trading from the market open on January 28, 2026, until 10:30 AM that day, resuming trading at 10:30 AM on January 28, 2026. If the premium of the fund's secondary market trading price has not effectively decreased by January 28, 2026, the fund reserves the right to apply to the Shenzhen Stock Exchange for intraday temporary trading halts, extended suspension times, and other measures to warn the market of risks, with specific details subject to the announcement at that time.
