A-share precious metals stocks opened lower, with Hunan Silver falling more than 6%, and Sichuan Gold, Xiaocheng Technology, Zhaojin Gold, Chifeng Gold, Hunan Gold, Zhongjin Gold, and Western Gold also declining.

Domestic News: 1. On the evening of February 4th, Chinese President Xi Jinping spoke by phone with US President Donald Trump. 2. On the afternoon of February 4th, Xi Jinping held a video conference with Russian President Vladimir Putin. 3. The Ministry of Culture and Tourism announced that it will soon resume tourism for Shanghai residents to Kinmen and Matsu. 4. The National Healthcare Security Administration: Conducted collective talks with designated medical institutions providing medical insurance for mental illnesses. 5. An expert seminar on the "15th Five-Year Plan for the Development of the Gold Industry (Draft for Discussion)" was held in Beijing. 6. The Ministry of Commerce answered reporters' questions regarding the European Commission's initiation of an in-depth investigation into Chinese wind power companies under the Foreign Subsidies Regulation. 7. The People's Bank of China held its 2026 Credit Market Work Conference: focusing on supporting key areas such as expanding domestic demand, technological innovation, and small and medium-sized enterprises. International News: 1. US January ADP employment figures fell short of expectations. 2. The European Parliament resumed legislative work on approving the EU-US trade agreement proposal. 3. Nasdaq plans to introduce a new "fast-track inclusion" rule to address large IPOs such as SpaceX. 4. The first day of the latest round of talks between Russia, the US, and Ukraine concluded; Zelenskyy stated that a prisoner exchange is expected soon. 5. The US Treasury maintains its debt issuance strategy, continuing its two-year-old forward guidance. 6. The US announced cooperation with Japan, Mexico, and the EU to jointly develop key mineral resources. 7. The US Bureau of Labor Statistics announced that non-farm payrolls will be released on February 11, while CPI data will be released on February 13. 8. Spot gold and silver prices surged before falling sharply, with intraday swings of $240 and $9 respectively; international crude oil rose 2%; US chip stocks plummeted, with AMD down 16%, Micron down 10%, and Nvidia down 3%. 9. The Iranian Foreign Minister confirmed that Iran-US nuclear talks will be held in Oman on Friday. Earlier reports indicated that the scheduled talks had been canceled due to disagreements between the two sides regarding whether the talks would focus solely on the nuclear issue.

Spot silver fell below $86 per ounce, down 2.43% on the day.