Core Insights - International gold and silver prices surged during the National Day holiday, with silver reaching a high of $48 per ounce, the highest since 2011, and gold hitting $3896 per ounce, approaching the $3900 mark [1][3] - Following the peaks, both gold and silver experienced a sharp decline, with silver dropping below $46 [1] - The gold-silver ratio is currently around 81:1, indicating that silver is relatively undervalued compared to gold, prompting increased bullish sentiment towards silver [1][5] Gold Market Summary - Gold prices reached a historical high of $3896 per ounce on October 2, with futures surpassing $3900, marking a significant increase of 48% year-to-date, potentially the largest annual gain since 1979 [3] - Domestic gold jewelry prices have also risen, with brands like Chow Tai Fook and Luk Fook seeing prices increase to 1129 RMB per gram, up 21 RMB from two days prior [3] - Factors contributing to the rise include a weakening dollar, economic concerns highlighted by ADP data, and ongoing government shutdown risks, which have attracted investors to gold [3] Silver Market Summary - Silver has outperformed gold this year with a cumulative increase of 65%, reaching $48 per ounce, just shy of its all-time high of $49.84 [5] - The decline in silver inventory, down approximately 10,000 tons from peak levels, coupled with rising speculative demand, has created a tight market [5] - Speculative positions in silver have increased significantly, indicating a growing bullish sentiment as the market heats up [5][6] Investment Outlook - Goldman Sachs maintains a bullish outlook on gold, predicting prices could reach $4000 per ounce by mid-2026 and $4300 by the end of 2026, citing strong inflows into gold ETFs [8] - The World Gold Council reports that global gold ETF demand has rebounded to 587.8 tons this year, highlighting gold's appeal as a hedge against economic uncertainties [9]
黄金白银猛涨，后续怎么走？
Zheng Quan Shi Bao·2025-10-03 03:09