Geopolitical tensions, and concerns about fiscal policy and central banks, have driven the gold price to where it is today.

Precious metals are having a moment. Gold and silver surged to record highs in January, benefiting from an alignment of macroeconomic factors, evolving supply-demand dynamics, and renewed industrial demand.

US President Trump has formally nominated Kevin Warsh to serve as the next Fed Chairman. Once approved by the Senate, Warsh will replace incumbent Chairman Powell and begin a four-year term. Next, the nomination will proceed to hearings before the Senate Banking Committee; however, because Powell is under criminal investigation, Republican Senator Tillis may block the nomination from moving to the review process.

Commodity markets have experienced extreme fluctuations in recent weeks – but not all analysts see this as a shift in sentiment.

SMM Nickel February 9 News: Macro and Market News: (1) The central bank released data showing that China's gold reserves at the end of January 2026 were 74.19 million ounces, compared with 74.15 million ounces at the end of December 2025, marking the 15th consecutive month of increase in gold holdings. (2) US Treasury Secretary Besant stated on Sunday local time that even under the leadership of Fed Chairman nominee Kevin Warsh, he does not expect the central bank to quickly take action to reduce its balance sheet. The US Fed may need up to a year to make decisions regarding its balance sheet. Spot Market: On February 9, the SMM #1 refined nickel price was 133,900-145,000 yuan/mt, with an average price of 139,450 yuan/mt, up 3,650 yuan/mt from the previous trading day. The mainstream spot premium quotation range for Jinchuan #1 refined nickel was 9,000-10,000 yuan/mt, with an average premium of 9,500 yuan/mt, unchanged from the previous trading day. The spot premiums/discounts quotation range for mainstream domestic brands of electrodeposited nickel was -400-400 yuan/mt. Futures Market: The most-traded SHFE nickel contract (2603) edged higher during the session, closing the morning session at 134,630 yuan/mt, up 1.53%. As the Chinese New Year holiday approaches, market trading tends to be sluggish, with prices showing a technical rebound amid intertwined bullish and bearish factors, while spot cargo remains weak due to stagnant actual demand. After the holiday, attention should be paid to the actual implementation of Indonesia's nickel ore quota policy.

Federal Reserve Governor Milan pointed out that it is necessary for the US Fed to cut interest rates by more than 100 basis points this year. At the same time, he is very much looking forward to the performance of Kevin Warsh as Fed Chairman. However, Richmond Fed President Barkin emphasized that monetary policy must remain cautious until inflation fully pulls back to the target level, thereby ensuring the stability of the labour market.