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Core Viewpoint - The prices of international gold and silver have reached historical highs but are currently experiencing a pullback, driven by multiple factors including macroeconomic policies, geopolitical risks, and market demand dynamics [2][3]. Group 1: Price Movements - Gold reached a peak of $4,380.79 per ounce before dropping below $4,300, while silver peaked at $54.468 per ounce with a decline of over 1% [2]. - The recent surge in precious metal prices has been notable since October, with both gold and silver setting new records [2]. Group 2: Driving Factors - The primary driver for the increase in gold and silver prices is the expectation of interest rate cuts by the Federal Reserve, which weakens the dollar and lowers real interest rates, enhancing the appeal of gold as a non-yielding asset [2]. - Geopolitical uncertainties have heightened risk aversion, providing significant support for gold prices [2]. - Continuous inflows from official reserves and institutional funds have established a solid demand foundation for precious metals [2]. - A lack of supply elasticity, particularly in silver which is often a byproduct of other mining operations, has made prices highly sensitive to demand changes [2][3]. Group 3: Market Conditions - There is a severe shortage of silver in overseas markets, leading to a backwardation in prices between New York and London, which has contributed to the rise in silver prices [3]. - Concerns over rising sovereign debt in countries like the U.S. and issues regarding the independence of the Federal Reserve have led investors to seek refuge in precious metals as a hedge against currency devaluation [3]. Group 4: Regulatory Measures - In response to the volatility in gold and silver prices, the Shanghai Futures Exchange and the Shanghai Gold Exchange have implemented risk control measures and issued warnings to investors [4]. - The Shanghai Futures Exchange announced adjustments to the price fluctuation limits for gold and silver futures contracts, aiming to reduce trading leverage and mitigate risks associated with price volatility [4]. Group 5: Future Outlook - Despite the long-term bullish outlook for precious metals, short-term volatility risks have significantly increased [5]. - Technical analysis suggests that if gold surpasses the $4,200 mark, it could face resistance around $4,400, while a new support level is forming around $3,950 [5].