金价续创新高，业内提醒防范短期波动风险

Group 1 - International gold and silver prices reached historical highs on October 17, with London gold peaking at $4,380.79 per ounce and London silver at $54.468 per ounce, but both experienced significant pullbacks [1] - The surge in precious metal prices in October is driven by multiple factors, including expectations of interest rate cuts by the Federal Reserve, which weakened the dollar and lowered real interest rates, enhancing gold's appeal as a non-yielding asset [2] - Geopolitical risks and high levels of uncertainty have elevated safe-haven demand, providing crucial support for gold prices [2] Group 2 - The lack of supply elasticity in precious metals is a significant factor, as mining investments are capital-intensive and have long lead times, making it difficult to increase production in the short term [2] - Severe shortages of silver in overseas markets and the inversion of futures prices in New York and London have contributed to rising silver prices [2] - Concerns over sovereign debt levels and potential currency devaluation have prompted investors to allocate more to precious metals as a hedge against depreciation [2] Group 3 - In response to the volatility in gold and silver prices, the Shanghai Futures Exchange and the Shanghai Gold Exchange implemented risk control measures and issued warnings to investors [3] - The Shanghai Futures Exchange announced adjustments to trading limits and margin requirements for gold and silver futures to mitigate risks associated with high volatility [3] - Analysts recommend cautious participation in the precious metals market, emphasizing the importance of risk control and avoiding impulsive buying [3][4] Group 4 - Despite the long-term bullish outlook for precious metals, short-term volatility risks have significantly increased [4] - Technical analysis suggests that if New York gold effectively breaks through the $4,200 level, the next resistance could be around $4,400, while a new support level is forming near $3,950 [4] - Investors are advised to maintain light positions and take advantage of price pullbacks for gradual accumulation, while strictly managing risk to avoid chasing prices [4]