Analyst: The wave of risk aversion without headline catalysts highlights the market's deep-seated demand for safe havens

Glonghui, January 26｜Swissquote Bank analyst Ipek Ozkardeskay stated that investors flocking to precious metals is a clear signal that, despite some easing of US-European tensions last week, risk appetite has not returned. Silver and gold have reached new highs, while Asian stock markets have retreated. Ozkardeskay pointed out that even the Korean KOSPI index, which previously seemed unaffected by global turmoil and continued to rise, has now declined. Notably, this pursuit of safe-haven assets was not triggered by major geopolitical headlines—there were no new violations of international law, no invasion events, and no direct military threats. Ozkardeskay said that aside from the possibility of the US imposing tariffs on Canada (indicating that trade tensions persist), there is little news, and the rush into precious metals suggests that market pressures are far from over.