Gold, silver rates today: Chinese markets are set for their biggest scheduled trading holiday of the year as the Lunar New Year holidays commence. Mainland exchanges will remain closed for the entire week, while trading hours will be shortened across major regional financial hubs.
As per the Shenzhen Stock Exchange calendar, the market will be shut from Monday, February 16, to Monday, February 23, and trading will resume on Tuesday, February 24.
According to market experts, the closure of the Shanghai Gold Exchange (SGE) and the Shanghai Futures Exchange (SHFE) will significantly impact the global precious metals market.
Aamir Makda, Commodity & Currency Analyst, Choice Broking, this shutdown will create a ‘liquidity vacuum’, with reduced global liquidity for gold and silver, leading to susceptibility to price volatility due to the absence of the “Shanghai Premium.”
Gold and silver prices have remained volatile over the past two weeks on US macroeconomics data, softening of US dollar and rising geopolitical cues. Spot gold is currently trading about 10% below its all-time high of $5,608 per ounce. However, despite the volatility, the precious metal has gained 7.76% over the last 30 days.
On the other hand, spot silver is still 58% away from its all-time high of $121.64. The white metal has declined by more than 18.15% over the past 30 days.
On Monday, spot gold prices fell marginally by 0.34%, hovering near the $5,000 level. Meanwhile, spot silver prices dropped nearly 2% to $77 per ounce.
How does Shanghai Futures impact metal prices?
Market analysts believe that Chinese exchanges now represent the largest source of incremental demand, leverage, and speculative positioning. Experts further believe that the silver market, in particular, will remain affected due to China’s role in industrial demand, leading to a notable price drop as trading halts.
On December 30, China decided to tighten controls on silver exports, broadening restrictions on a previously routine metal that is crucial to the United States industrial and defence supply chains.
China exported over 4,600 tonnes of silver during the first eleven months of 2025, according to Wind Information, as quoted by CNBC.
On the other hand, SHFE silver inventories have collapsed from over 3,000 tonnes at the 2021 peak to roughly 350 tonnes recently — the lowest levels in nearly a decade.
On the US side, COMEX registered (deliverable) silver stocks hovering around 90–95 million ounces, a modest float relative to total open interest.
“Structural tightness limits how far prices can sustainably fall. Silver remains heavily consumed by industrial sectors — particularly solar PV, electronics, and battery applications — and much of that supply is not easily recycled. With SHFE vaults depleted and COMEX registered stocks not excessive, physical availability remains constrained,” said Harshal Dasani, Business Head, INVasset PMS.
Gold and silver prices outlook during the Shanghai Futures closure
According to Kaynat Chainwala, AVP – Commodity Research, Kotak Securities, with the Shanghai session closed for now, gold and silver may revert to trading more off U.S. economic data and equity-market sentiment this week.
If the risk-on mood in US stocks persists, both metals could benefit, though silver is likely to outperform, leading to a softer gold-silver ratio. In a risk-off scenario, however, silver may fall more sharply than gold, Chainwala explained.
On the other hand, Dasani of INVasset PMS highlighted that while paper selling may attempt to curb prices during Shanghai closures, every sharp dip is likely to be bought back aggressively.
“Gold, backed by deeper above-ground reserves, may remain relatively steadier, but as silver’s tighter vault dynamics suggest volatility may expand briefly on the downside, yet remain structurally supported rather than trend-breaking,” Dasani added.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
