黄金投资惊现高位套牢潮：40万入场者陷震荡困局

Core Insights - International gold prices have experienced significant volatility since mid-May 2025, with spot gold prices fluctuating below $3500 and $3400 per ounce, ultimately stabilizing around $3300 [1] - The sharp price movements have left many investors in a passive position, exemplified by a new investor who saw a shift from a profit of 50,000 yuan to a loss of 30,000 yuan within two weeks [1] Price Fluctuations - Data from the Shanghai Gold Exchange indicates that major domestic gold jewelry brands have seen retail prices drop to around 1000 yuan per gram, with declines of 9-16 yuan per gram for brands like Lao Miao and Zhou Liu Fu [3] - Investors who entered the market at high prices since April are now facing losses, with one investor reporting a loss exceeding 15% after purchasing gold at 840 yuan per gram [3] Market Dynamics - The recent volatility in gold prices is attributed to multiple factors, including breakthroughs in global tariff negotiations that have diminished gold's safe-haven appeal, and fluctuating expectations regarding the Federal Reserve's monetary policy [3] - A report from Citibank highlights a 0.8 percentage point decrease in the average tariff rate among the world's top 20 economies, leading to a withdrawal of safe-haven funds from the precious metals market [3] Consumer Behavior - In contrast to the online investment community, where 62% of investors under 35 have exited their positions, physical gold purchases have surged in certain retail areas, indicating a divergence in consumer behavior [4] - The current market environment suggests a need for diversified investment portfolios to mitigate risks associated with concentrated asset exposure [4] Long-term Support - Despite the recent price adjustments, the World Gold Council reports that central banks globally maintained a net purchase of 31 tons of gold in April, providing structural support for gold prices [4] - The significant inflow of funds into global gold ETFs, which increased by 230% year-on-year from January to April 2025, indicates that the recent price corrections are a technical adjustment following irrational prior increases [4]