In Q1 2026, China’s spot silver ingot market underwent a marked shift from extreme frenzy to a rational return. As investment enthusiasm cooled significantly and large volumes of imported silver ingots flowed in, the structure of spot premiums underwent a fundamental adjustment, while the market’s supply-demand pattern continued to be reshaped.

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.

According to market reports, the European Union continues to contest the 2025 extension of US Section 232 tariffs on steel and aluminum derivatives, viewing them as a violation of existing trade agreements. While the EU seeks a rollback—emboldened by a recent US Supreme Court ruling that struck down separate "emergency" IEEPA tariffs—the US maintains that investigations into these derivatives were initiated before any trade deal was finalized. Currently, most EU steel exports face a 15% tariff entering the US, while nearly 40% of machinery imports from the EU are hit by a 50% tariff on their metal content. The dispute has notably stalled the ratification of the 2025 EU-US trade deal in the European Parliament.

Hong Kong is accelerating its drive to become a global gold trading hub, in a move that supports China’s broader ambition to strengthen its influence over international bullion markets amid a shifting geopolitical landscape and record-high prices.

The current year has proven exceptional for gold by any metric.

The Chicago Mercantile Exchange (CME), the world’s largest derivatives exchange, is considering the launch of the world’s first rare earth futures contract, Reuters reported on 12th (local time). According to the report, CME is preparing a futures contract linked to neodymium–praseodymium (NdPr), a key rare earth alloy used in high-performance permanent magnets for electric vehicles and wind turbines.