Spot gold fell below $5,130 per ounce, down nearly 2% on the day.

German Chancellor Merz: We hope that the first tranche of $90 billion in loans to Ukraine can be disbursed in April.

Domestic News: 1. Ministry of Foreign Affairs: German Chancellor Merz will pay an official visit to China from February 25th to 26th. 2. National Energy Administration: Will release and implement a new energy system and a series of energy plans for different sectors. 3. SDIC Capital: The valuation adjustment of SDIC Silver LOF is expected to have a certain negative impact on the company's net profit attributable to the parent company in 2026. 4. Ministry of Foreign Affairs responds to the claim that "China only needs to make one phone call to end the Russia-Ukraine conflict": The so-called claim that China is "fully fueling the war" is completely unfounded. International News: 1. Spot gold rebounded to $5200 during the session, and spot silver touched $89/ounce. 2. Canadian Prime Minister Carney will visit India, Australia, and Japan from February 26th to March 7th. 3. The US State Department issued the highest level travel warning for Lebanon and ordered the evacuation of non-essential personnel from the US Embassy in Beirut. 4. Federal Reserve Governor Waller: Several CEOs say AI will lead to massive layoffs; the March interest rate decision depends on February employment data. 5. Trump's Tariffs—① The European Parliament suspends ratification of the EU-US trade agreement. ② Trump warns countries that do not comply with trade agreements with the US will face higher tariffs. ③ US House Speaker Johnson discusses tariff rebates: there is no precedent, the decision will be made by the White House. ④ British Prime Minister's spokesperson: all measures are under consideration. 6. Russia-Ukraine Conflict—① EU foreign ministers failed to reach an agreement on a new round of sanctions against Russia. ② Ukrainian officials: a new round of negotiations with Russia may be held on February 26-27. ③ Ukraine claims to have attacked key facilities of the "Friendship" oil pipeline. 7. Iran Issue—① Trump says he prefers an agreement with Iran to war. ② US envoys Witkov and Kushner will participate in a new round of US-Iran negotiations. ③ US media reports that the Chairman of the Joint Chiefs of Staff warns of the extremely high risk of military action against Iran, which could easily lead to a protracted conflict.