黄金结束9周连涨！“上车即站岗”，投资者心态分化

Core Viewpoint - After a nine-week consecutive rise, gold prices experienced a significant drop, with international market prices falling by $152 per ounce, leading to a decline in domestic gold prices as well [1][2] Market Dynamics - The recent decline in gold prices is attributed to easing trade tariff concerns and a recovery in global risk appetite, prompting investors to withdraw from safe-haven assets like gold and silver [2] - The adjustment in margin requirements for silver and gold futures by exchanges has forced some long positions to reduce their holdings, contributing to the price drop [2][3] Investor Sentiment - There is a divide in investor sentiment, with some taking profits after the recent surge while others view the price drop as an opportunity to buy [5][6] - Long-term investors continue to accumulate gold, as evidenced by increased holdings in SPDR Gold ETF and iShares Silver ETF, indicating a positive outlook for precious metals despite short-term volatility [8] Supply and Demand Factors - The overall inventory of gold and silver is tightening, with significant reductions in COMEX silver inventory and a slight increase in SHFE gold inventory, reflecting ongoing demand [8] - The World Gold Council noted that central banks have shown a tendency to buy on dips, suggesting sustained interest in gold as a strategic asset [8] Risk Management - Exchanges and banks have issued warnings regarding market volatility, advising investors to manage risks and maintain rational investment strategies amid fluctuating gold prices [9][10]