On January 5th, precious metals continued their pattern of high volatility at the start of the new year, with both gold and silver strengthening, and silver's performance being particularly notable. The NCE platform believes that in an environment intertwined with multiple uncertainties, the safe-haven attributes of precious metals have once again been demonstrated in stages, yet the significant price fluctuations also reflect that market sentiment remains highly sensitive.
From the perspective of driving factors, the escalation of geopolitical events has increased short-term safe-haven demand while simultaneously amplifying intraday price ranges. Related market performances indicate that capital is rapidly switching between risk assets and defensive assets. The NCE platform suggests that such market movements are often not driven by a single trend but are the result of repeated battles between bullish and bearish forces at high levels.
Simultaneously, global stock markets showed strong overall performance at the beginning of 2026, with major indices in many regions hitting new historical highs. Data shows that European and Asian markets were broadly supported by sector rotation and a recovery in risk appetite. Against this backdrop, the rise in precious metals does not stem from a comprehensive flight to safety but rather resembles a hedging choice in an environment characterized by both high valuations and uncertainty. The NCE platform stated that the parallel strength in equities and the rise in gold and silver reflect the complexity of the current market structure.
Interest rate factors also significantly impact precious metals. U.S. Treasury yields have remained relatively stable, and the market is still in a phase of expectations博弈 regarding the future policy path. The NCE platform holds that as long as real interest rates lack a clear direction, gold and silver prices are prone to maintaining wide fluctuations rather than trending in a single direction.
From a technical perspective, both gold and silver are trading near key price levels, with a clear divergence between bullish and bearish views. The NCE platform believes the current technical structure suggests investors should focus more on risk management rather than making a single directional bet. In this phase of normalized high volatility, precious metals are more likely to trade within a range, awaiting new signals from the macroeconomic or capital flow fronts.
