Silver prices experienced a sharp rebound in early trading. As of this morning's close, the main New York silver futures contract surged by 8%, while spot silver in London rose by 4.35%.
In domestic markets, the main Shanghai gold futures contract closed up 3.88% yesterday, and the main Shanghai silver futures contract ended the session with an 8.9% gain. During the night session, the main Shanghai silver futures contract advanced by 5.24%.
On the news front, the U.S. issued new guidance on February 9 to commercial vessels transiting the Strait of Hormuz. According to recommendations from the U.S. Maritime Administration, ships flying the American flag should stay as far away as possible from Iranian territorial waters. If approached by Iranian forces, crews are advised to verbally refuse boarding and avoid physical resistance.
Turkish Foreign Minister Fidan revealed details of Turkey's mediation efforts regarding Iran's nuclear program and U.S.-Iran tensions during a February 9 interview. Fidan confirmed phone discussions with Iranian Foreign Minister Araghchi, noting that despite complex regional dynamics, both Washington and Tehran have shown willingness to continue negotiations. Regarding renewed nuclear talks, Fidan stated that immediate war threats have diminished with "negotiations now open," though he characterized the process as combining genuine dialogue with tactical delays, typical in high-stakes diplomatic engagements.
Separately, U.S. National Economic Council Director Hassett commented on February 9 that slowing job growth reflects structural labor market changes rather than weakening economic momentum.
In a national televised address, Iran's Supreme Leader Khamenei called on citizens to demonstrate resolve ahead of the 47th anniversary of the Islamic Revolution. Khamenei emphasized that "national strength derives more from popular will than military hardware," urging Iranians to foil foreign attempts to restore pre-revolution conditions.
Analysts offered contrasting views on the precious metals rebound. Guangfa Futures researcher Ye Qianning attributed the rally to China's 15th consecutive monthly gold reserve increase (reaching 2,307.6 tons in January) and record $19 billion net inflows into global gold ETFs. Ye characterized the move as a technical rebound from oversold conditions, with RSI indicators recovering above 30 after recent declines.
Jinrui Futures analyst Wu Zijie cited dollar weakness and position rebalancing as key drivers, noting that yen strength pressured the dollar while bargain-hunting supported prices. Wu cautioned that sustained rallies require confirmation from falling real yields and volatility, plus breaks above key resistance levels.
Both analysts highlighted holiday liquidity risks during the upcoming Spring Festival. Ye noted silver may underperform gold due to volatile speculative positioning despite tight inventories, while Wu advised using options to manage risk or adopting phased entry/exit strategies. Critical U.S. economic data releases during the holiday period—including non-farm payrolls, CPI, and Q4 GDP—could determine whether the rebound evolves into a sustained uptrend.
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