黄金连涨9周后高台跳水！“上车即站岗”，投资者心态分化

Core Viewpoint - After a nine-week rally, gold prices have experienced a significant drop, indicating a potential short-term correction rather than a trend reversal [1][2][5]. Market Performance - As of October 20, the Shanghai gold futures contract closed at 970 CNY, reflecting a daily decline of 1.63%, while silver fell by 3.99% to 11,742 CNY per kilogram [2][4]. - The recent drop in gold prices was influenced by a sharp decline in international market prices, which fell by 152 USD per ounce over the weekend [1]. Market Sentiment - The easing of geopolitical tensions and trade tariff concerns has led to a recovery in global risk appetite, prompting investors to withdraw from safe-haven assets like gold and silver [3][4]. - Despite the short-term sell-off, analysts believe that the long-term outlook for gold remains positive due to ongoing central bank purchases and increasing investment demand [2][5]. Investor Behavior - 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 [6][7][8]. - Long-term funds continue to accumulate gold, with SPDR Gold ETF holdings increasing by 30.05 tons to 1,047.21 tons as of October 18 [9]. Inventory and Supply Dynamics - COMEX gold inventories decreased by 25.9 tons to 1,216.4 tons, while silver inventories fell by 404.5 tons to 15,846 tons, indicating tightening supply conditions [9]. - The World Gold Council noted that despite concerns over overbought conditions, central banks have shown a tendency to buy on dips, suggesting sustained interest in gold [9].