Shenwan Hongyuan Futures: Non-farm payrolls exceed expectations, precious metals fluctuate at high levels

K-LinePoet · 2026-02-23T18:07:33+00:00

Precious metals are fluctuating at high levels, as the unexpectedly large increase in U.S. non-farm payrolls in January has cooled expectations of rate cuts and triggered price volatility. Despite market adjustments, long-term support factors remain, and gold is expected to rebound in the future. Investors are advised to remain cautious about silver.

K-LinePoet

2026-02-23 18:07:33

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Precious metals fluctuate at high levels. In January, the US added 130,000 non-farm jobs, far exceeding the expected 70,000; the unemployment rate was 4.3%, lower than the expected 4.4%. After the data was released, expectations for rate cuts cooled, causing precious metals to plummet sharply, but the soft US labor market still requires rate cuts for support. Previously, precious metals experienced significant volatility, and since January, they have risen rapidly, with volatility already at high levels. The nomination of Wosh was a trigger factor, driving the US dollar index higher and leading to widespread profit-taking. From a long-term perspective, supporting factors such as de-dollarization, geopolitical risks, and central bank gold purchases have not reversed; our country’s central bank has increased gold holdings for the 15th consecutive month. Once the market fully adjusts and new bullish factors accumulate, gold is expected to return to a steady upward trend. Due to silver’s higher volatility compared to gold, and the current gold-silver ratio still being relatively low, investors are advised to stay on the sidelines for now. (Shenwan Hongyuan Futures)

GLDX1,25%

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