黄金结束9连涨！“上车即站岗”，投资者心态分化

Core Viewpoint - After nine consecutive weeks of rising gold prices, a significant drop occurred, with international gold prices plunging by $152 per ounce, leading to a sharp decline in domestic gold prices [1][2]. Market Performance - As of October 20, the main Shanghai gold contract closed at 970 yuan, reflecting a daily decline of 1.63%, while the main silver contract fell by 3.99% [2]. - The rapid shift from a "hot" to a "frozen" market for precious metals was influenced by easing geopolitical tensions, resulting in profit-taking and market adjustments [2][3]. Investor Sentiment - The easing of trade conflict concerns, indicated by signals from the Trump administration regarding tariff relaxations, has led to a resurgence in global risk appetite, prompting investors to withdraw from safe-haven assets like gold and silver [3]. - Some investors, who missed the recent price surge, view the current price drop as an opportunity to buy in again, while others are taking profits amid the volatility [6][7][8]. Inventory and Demand - Long-term funds continue to accumulate gold, with SPDR Gold ETF holdings increasing by 30.05 tons to 1,047.21 tons, and iShares Silver ETF holdings rising by 53.64 tons to 15,497.4 tons [9]. - Despite short-term fluctuations, the overall inventory levels for gold and silver remain tight, indicating sustained interest from central banks and long-term investors [9]. Regulatory Actions - Recent volatility in gold prices has prompted exchanges and banks to issue risk warnings, advising investors to manage their positions carefully and invest rationally [10][11].