S&P: India's general government fiscal deficit is likely to gradually decrease from 7.3% of GDP to 6.6% of GDP by fiscal year 2026.

Domestic News: 1. The Ministry of Commerce and eight other departments jointly issued the "2026 'Happy Shopping Spring Festival' Special Activity Plan." 2. The CPC Central Committee and the State Council approved the "Spatial Coordination Plan for the Modernized Capital Metropolitan Area (2023-2035)." 3. Guotou Silver LOF: Decided to reasonably revalue its fund assets by referencing price fluctuations in major international silver futures markets. 4. Ten departments jointly released the "Guidelines for the Construction of a Low-Altitude Economic Standard System (2025 Edition)." 5. The Ministry of Finance issued an announcement regarding matters related to the deduction of input VAT. 6. Shanghai's pilot program for acquiring second-hand housing for rental housing purposes was substantially launched. 7. The Guangdong Provincial Development and Reform Commission issued the "Guangdong Province 2026 Work Plan for Optimizing a Market-Oriented First-Class Business Environment." 8. Shanghai Gold Exchange: Adjusted the margin level and price limits for silver deferred contracts. International News: 1. Spot gold rebounded in a V-shape during the session, briefly rising above $4,800 per ounce. 2. The EU is considering new sanctions against Russian copper and platinum. 3. Trump plans to establish a $12 billion strategic reserve of key minerals. 4. ISM data shows that US manufacturing has returned to expansion territory after a year. 5. The ICE operation has triggered turmoil in the US House of Representatives, and the government shutdown may affect this week's non-farm payrolls. 6. According to sources within the Iranian government, the Iranian president has formally ordered the commencement of special negotiations with the United States on the nuclear issue. 7. The Iranian military will conduct military exercises in the border region.

Spot gold fell below $4,510 per ounce, down 7.68% on the day. Spot silver fell below $73 per ounce for the first time since January 5, down 14.14% on the day.