The Shanghai Gold Exchange saw a decrease in trading volume for January with more sellers than buyers on the 27th.

Jinshi Futures News, as of February 3, 2026, the Shanghai Gold Exchange's Ag deferred fee direction has been recording a "short pay long" delivery direction for 27 trading days starting from December 25, 2025. According to a trader holding a long position in the Shanghai Gold Exchange, they have not been able to obtain physical delivery of goods since January, and spot trading is mainly based on small orders supplied by a long-standing smelting plant. Therefore, trading volume in January has significantly decreased compared to the same period in previous years.