The Gold and silver futures hit new record highs on Thursday as investors were flocking to safer assets.
On the New York Mercantile Exchange (NYMEX), the most-active February gold futures contract soared past 4,900 U.S. dollars per ounce during the session, while March silver futures climbed above 96 U.S. dollars per ounce.
Chart-based buying was the feature of the day as both metals remained in firmly bullish technical postures.
Benefiting from rising investment demand, robust industrial consumption and dwindling physical supplies, silver prices have risen 31 percent so far in January after soaring nearly 150 percent in 2025.
More market analysts are becoming increasingly cautious on the precious metal, as the odds of a major drawdown in silver prices have risen.
A speculative frenzy has become the major driving force behind the silver rally, and this could prove to be unsustainable. Moreover, the magnitude of the latest upsurge is difficult to justify by fundamentals. Analysts noted that there are clear signs of "Fear of Missing Out"-driven buying.
Silver's surge to fresh record highs could eventually be self-defeating, analysts said.
Analysts favor gold over other precious metals, arguing that it has the most attractive risk-reward profile. Besides safe-haven demand, gold will be the sole beneficiary of the broad-based efforts of emerging market central banks to diversify their reserves.
Goldman Sachs has raised its December 2026 price target for gold to 5,400 dollars per ounce, given private sector and emerging market central banks' diversification into gold.
Gold, silver futures continue to hit record highs as investors flock to safer assets
Chinese Foreign Minister Wang Yi and his Argentine counterpart, Pablo Quirno, on Friday pledged to solidify the comprehensive strategic partnership and deepen cooperation across multiple sectors.
During their meeting on the sidelines of the Munich Security Conference, Wang, also a member of the Political Bureau of the Communist Party of China Central Committee, recalled Chinese President Xi Jinping's meeting with Argentine President Javier Milei in 2024 and said China is ready to fully implement the consensus reached by the two heads of state to improve the well-being of the two peoples.
The two sides should remain committed to the right direction of bilateral relations, he said, calling for enhanced friendly exchanges at all levels and firm support for each other on issues concerning core interests.
He emphasized the resilience of bilateral ties between China and Argentina over the past 54 years since diplomatic relations were established, noting that the two countries have always respected each other and treated each other as equals, and the relationship has weathered international changes with remarkable vitality.
Noting that China and Argentina are economically complementary with a solid foundation for practical cooperation, Wang proposed deepening collaboration in economy and trade, technology, finance, and mining, and welcomed Argentina to utilize platforms such as the China International Import Expo and the Canton Fair to bring more quality products to the Chinese market.
He also expressed hope that Argentina would provide a fair, transparent, and non-discriminatory business environment for Chinese enterprises, and welcomed Argentine citizens to take advantage of the visa-free policy for trips to explore China.
"China's development and growth represent a reinforcement of peace and stability in the world," Wang said. "We never engage in geopolitical contests, nor do we ask other countries to take sides. China-Argentina cooperation is not targeted at any third party, nor should it be disrupted by any third-party factors."
For his part, Quirno said Argentina and China are each other's major trading partners and enjoy a comprehensive strategic partnership, stating that Argentina has benefited significantly from cooperation with China.
He also conveyed gratitude for China's valuable support on the sovereignty issue of the Malvinas Islands and for its assistance during Argentina's economic difficulties. Quirno reaffirmed Argentina's firm commitment to the one-China principle.
The Argentine foreign minister expressed hope for closer exchanges with China and deeper cooperation in trade, energy, mining, and finance. He welcomed Chinese enterprises to invest and operate in Argentina.
China, Argentina pledge mutual support on core interests, deeper economic cooperation
