London's spot gold and the most active February 2026 futures have each surged roughly 70 percent this year, significantly outperforming major stock indices, the U.S. dollar, and other commodities.
February futures were traded above 4,500 U.S. dollars per ounce, a historic high on Tuesday, while spot gold price neared the same threshold at 4,497 U.S. dollars.
The rally is supported by sustained institutional demand. Central banks purchased 220 tons of gold in the third quarter, a 28 percent annual increase, while gold exchange traded funds have seen six consecutive months of net inflows through November.
Many analysts now forecast gold prices could reach 5,000 U.S. dollars per ounce by 2026.
Spot gold, gold futures gain 70 pct, lead asset rally
Chinese President Xi Jinping has called on the state-owned enterprises (SOEs) directly administered by the central government to better serve the overall work of the Party and the country and contribute more to Chinese modernization.
Xi, also general secretary of the Communist Party of China Central Committee and chairman of the Central Military Commission, made the remarks in an instruction conveyed at a meeting of heads of central SOEs held in Beijing on Monday and Tuesday.
While affirming their pivotal role in the economy, Xi said central SOEs should serve high-quality economic and social development and the improvement of people's livelihoods, further deepen reform, and effectively prevent and defuse risks.
Central SOEs should enhance their core competitiveness and work to build world-class enterprises, Xi said, calling on them to stay rooted in the real economy and strive to achieve breakthroughs in key and core technologies.
He also underscored the importance of upholding and strengthening the Party's overall leadership over central SOEs, improving institutional frameworks, tightening supervision, and resolutely combating corruption.
Chinese Premier Li Qiang, who is also a member of the Standing Committee of the Political Bureau of the CPC Central Committee, attended the meeting and delivered a speech.
During the 15th Five-Year Plan period (2026-2030), central SOEs must provide strong support for advancing major infrastructure projects, and accelerate the upgrading of traditional infrastructure with digital and intelligent technologies, Li said.
He urged central SOEs to develop emerging and future industries in line with their core functions and businesses, while ensuring stable energy and resource supplies. Li called on them to strengthen applied basic research and play an active role in serving major national strategies.
Li also emphasized the need to further deepen reforms of state capital and SOEs, adding that heads of central SOEs should fulfill their duties with a more proactive and enterprising spirit.
The meeting was chaired by Chinese Vice Premier Zhang Guoqing, with State Councilor Wu Zhenglong in attendance.
Xi urges central SOEs to contribute more to Chinese modernization
