On January 21, both spot and futures gold prices simultaneously broke through the $4,800 per ounce mark, setting a new historical record. This marks the second consecutive day that gold prices have reached a new high. On January 20, spot gold had just surpassed $4,700 per ounce for the first time. As of January 21, the cumulative increase in spot gold since the beginning of 2026 has already exceeded 11%.
Driven by the international gold price, domestic branded gold jewelry prices have been adjusted upward in tandem, with the price per gram approaching 1,500 yuan. Among them, Chow Sang Sang's pure gold jewelry is quoted at 1,495 yuan per gram, an increase of 41 yuan from the previous day; Lao Feng Xiang's pure gold jewelry is quoted at 1,498 yuan per gram, rising 42 yuan in a single day; and Lao Miao Gold's pure gold jewelry is quoted at 1,493 yuan per gram, with a single-day increase of 38 yuan.
The precious metals sector in the A-share market collectively rose that day. Hunan Silver closed at the daily limit up, Sichuan Gold and Zhaojin Gold gained over 8%, Xiaocheng Technology rose more than 6%, while China Gold, Chifeng Gold, Shanjin International, and others all saw gains exceeding 5%.
Huaxi Securities previously pointed out that the ongoing escalation of geopolitical conflicts and the accelerating global trend of "de-dollarization" are driving central banks and investors to continuously increase their allocations to gold. Currently, the tense situation in Venezuela, the unresolved Russia-Ukraine conflict, and the escalating issue of Greenland have collectively pushed gold prices higher.
In response to the market risks brought about by the rapid rise in gold prices, the Shanghai Futures Exchange issued a notice on January 20. Starting from the settlement after the close on January 22, the exchange will adjust the trading margin ratios and price fluctuation limits for related futures contracts such as copper, aluminum, gold, and silver. Among them, the adjustments for gold and silver futures contracts will be differentiated based on their expiration months, with fluctuation limits ranging from 15% to 16% and 15% to 17%, respectively, and the corresponding margin ratios will be raised by approximately 2 percentage points. The price fluctuation limits for already listed copper and aluminum futures contracts will be adjusted to 8%, with margin ratios set at 9% for hedging positions and 10% for general positions. The Shanghai Futures Exchange stated that this adjustment is a risk control measure in the context of market volatility, aimed at guiding rational investment and maintaining the stable operation of the market.
Regarding the outlook for gold, Huaxi Securities stated that, in the long term, global concerns over currency and debt will support gold’s performance in the direction of debt and monetary easing trades, and they are optimistic about the trend of gold prices. Citigroup predicted in its latest report that, if the gold market maintains its bullish trend, prices could potentially reach $5,000 per ounce within the next three months.
