On December 22, domestic futures prices for multiple precious metals surged collectively, drawing significant market attention.
Several precious metals futures rallied sharply, with palladium and platinum contracts hitting limit-up again. Prices for multiple precious metals futures surged on December 22, with some accelerating their upward momentum. Market data showed that the palladium futures main contract on the Guangzhou Futures Exchange closed limit-up at 508.45 yuan per gram, setting a record high since its listing, with a daily gain of 7%. Since December, the contract has surged 36.22%.
Platinum futures also soared. The main platinum contract on the Guangzhou Futures Exchange closed limit-up at 568.45 yuan per gram, up 6.99%, marking a new high since its listing. The contract has risen 30.86% this month.
Alongside palladium and platinum, gold and silver futures extended gains. The Shanghai Futures Exchange’s silver main contract surged 6.06% to 16,210 yuan per kilogram, briefly touching 16,282 yuan intraday—a fresh all-time high. Gold futures on the Shanghai Futures Exchange climbed 2.10%, reclaiming the 1,000 yuan per gram level and nearing previous record highs.
Regarding precious metals trends, Changjiang Futures noted that weaker-than-expected U.S. November unemployment data has fueled rate-cut expectations, supporting prices. The Fed’s December meeting cut rates by 25 basis points as expected and initiated balance sheet expansion. Fed Chair Powell cited evolving economic risks as justification for further easing.
Changjiang Futures added that weakening U.S. economic data, fiscal concerns, and central bank gold purchases amid de-dollarization trends are lifting gold and silver prices. The EU’s relaxation of its 2035 combustion-engine ban is expected to sustain platinum and palladium’s strength.
Multiple listed companies have responded to the surge in precious metals prices. GEM stated on the Shenzhen Stock Exchange’s interactive platform that its gold and silver recycling capacity exceeds ton-level volumes. Xinlai Foil noted rising silver electrode costs but highlighted improved profitability through copper electrode adoption and cost controls. Sino-Platinum Metals clarified it focuses on refining precious metals from scrap, not mining. Sanan Optoelectronics said it sells non-recyclable precious metal byproducts under accounting standards. However, some firms like Xinbo Aluminum clarified no connection to platinum despite their names.
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