国际国内金价剧烈震荡，多空博弈加剧市场波动

Recent Gold Price Trends - International gold prices have experienced a significant decline, with spot gold dropping below $3,300 per ounce and COMEX futures falling to $3,299.70 per ounce, marking a nearly 1.5% decrease [1] - Domestic gold prices have also adjusted, with wholesale market prices in Shenzhen decreasing from 792 yuan per gram to 756 yuan per gram, a drop of over 4% [3] Factors Influencing Gold Price Fluctuations - Short-term drivers include a stronger US dollar and delayed interest rate cuts by the Federal Reserve, which have diminished gold's appeal [4] - Easing geopolitical risks, such as President Trump's postponement of tariffs on the EU and the lack of escalation in the Russia-Ukraine situation, have reduced safe-haven demand [5] - Technical adjustments following a rapid price increase have also contributed to the recent downturn [6] Market Reactions and Consumer Trends - Consumer purchasing behavior is showing a divide, with smaller jewelry items gaining popularity while larger purchases, like wedding gold, are being approached with caution due to high prices [8] - There is an increase in gold recycling as some holders are selling old jewelry to cash in on the price drop [8] Investment Strategies - Ordinary investors are waiting for lower entry points, such as below 700 yuan per gram, while institutions view the current adjustment as a buying opportunity [9] - Wall Street quantitative funds are leaning towards short positions, whereas Asian investors are buying on dips [10] Future Price Predictions - Short-term forecasts indicate that gold will fluctuate within a range of $3,300 to $3,350, with $3,320 as a key support level; a drop below this could lead to a decline to $3,280 [11] - Long-term projections from institutions like Goldman Sachs suggest that gold prices could reach between $3,500 and $4,000 per ounce by 2026, supported by central bank purchases, normalized geopolitical risks, and weakened dollar credibility [12]