Driven by risk aversion and expectations of monetary easing, institutions believe that metal prices are more likely to rise than fall in the future.

According to ME News, on January 15th (UTC+8), at the beginning of 2026, the metals market is continuing its "price surge feast." Industry insiders say this round of price increases in precious and non-ferrous metals is mainly driven by both market risk aversion and expectations for monetary policy. Currently, the price surge in metals is not yet over, and the potential for medium- to long-term price increases remains. However, in the short term, market volatility may intensify, and investors need to be wary of risks. Looking ahead, industry insiders generally believe that precious and non-ferrous metal prices will tend to rise rather than fall. Chen Xiaxin, a precious metals analyst at Funeng Futures, believes that for gold, supported by four factors—continuous gold purchases by global central banks, the Federal Reserve's interest rate cut cycle driving down the real interest rates of the US dollar and US Treasury bonds, the erosion of the US dollar's credibility by US fiscal debt problems, and the continued upward potential in gold valuations—gold prices still have room to rise in the medium to long term. Regarding silver, industrial demand growth in sectors such as photovoltaics, electric vehicles, and AI data centers is clear. However, the supply side is constrained by the structure of associated minerals, resulting in insufficient growth elasticity. It also faces policy constraints such as export controls. In the medium to long term, the market is likely to maintain a tight balance, and silver prices still have upward momentum. (Source: ME)