★金价再创历史新高 期权市场"末日轮"行情引关注

Core Viewpoint - International gold prices have reached a historic high, with COMEX gold surpassing $3,500 per ounce, leading to significant volatility in the market and raising concerns about speculative trading in options [1][2]. Market Dynamics - The Shanghai gold market has experienced a "doomsday wheel" effect, with the Shanghai Gold 2505 options contract seeing a dramatic increase in prices, including a 9,800% surge in a single day for a call option with a strike price of 888 yuan per gram [1][2]. - The implied volatility of gold options has surged to 37%, which is a 62% premium over historical averages, indicating heightened market speculation [2]. Regulatory Response - The Shanghai Gold Exchange has issued a notice urging members to enhance risk management and maintain market stability amid the recent price fluctuations [3]. Retail Market Impact - The rise in gold prices has led to adjustments in minimum purchase amounts for gold accumulation products by several banks, including the Bank of China [3]. - Retail prices for gold jewelry have also increased, with brands like Chow Tai Fook and Luk Fook seeing prices exceed 1,080 yuan per gram [3]. Investment Sentiment - Despite the strong performance of gold, market participants have become accustomed to the rising prices, with many expressing optimism about future trends [3]. - Year-to-date, international gold prices have increased by over 30%, driven by ongoing global economic and political uncertainties [4].