On July 13, the precious metals concept fell 3.09% intraday. Among related constituents, Hunan Silver dropped 3.91%, Baiyin Nonferrous fell 3.85%, Sichuan Gold declined 3.46%, Xiaocheng Technology lost 3.40%, and Hunan Gold slipped 3.37%. A research note from Tianfeng Securities pointed out that in the first quarter of 2026, the precious metals sector's net profit attributable to the parent company surged 109.39% year-on-year and 75.25% quarter-on-quarter, mainly benefiting from continued gold purchases by global central banks, rising geopolitical risk aversion, and market expectations of a second wave of inflation. It maintained an outperform rating on the precious metals industry. A research note from Guosen Securities noted that the average gold price in 2025 rose 44.26% year-on-year, and the average COMEX gold price in the first quarter of 2026 jumped 69.58% year-on-year. It expects that against the backdrop of uncertainty over the Federal Reserve's policy shift and unresolved geopolitical risks, the price center of precious metals will remain elevated, with the industry's high prosperity proving sustainable.
