深夜无眠，黄金突遭 “血崩”，原因找到了
Feng Huang Wang Cai Jing·2025-10-21 23:05

Market Overview - The U.S. stock market showed mixed results with the Dow Jones Industrial Average rising by 0.47%, reaching a new all-time high, while the S&P 500 remained flat and the Nasdaq fell by 0.16% [1] - Major tech stocks had varied performances, with Amazon rising over 2% and General Motors surging approximately 15%, marking its best single-day performance in five years [1] Precious Metals Market - The precious metals market experienced a significant downturn, with gold prices dropping sharply on October 21, marking the largest daily decline in twelve years [1] - Spot gold fell to a low of $4,082, with a daily drop of 6.3%, and closed at $4,130.41 per ounce, while New York futures also saw a decline to $4,093, with a 6.1% drop [1] - Silver prices mirrored this trend, with spot silver hitting a low below $47.90, a nearly 8.7% drop, the largest intraday decline since February 2021 [2] Factors Influencing Precious Metals - Multiple factors contributed to the end of the previous upward trend in precious metals, including geopolitical developments regarding the Russia-Ukraine situation, which reduced the demand for gold as a safe-haven asset [3][4] - A strengthening U.S. dollar, technical indicators showing overbought conditions, and opaque investor positions further pressured precious metal prices [5] - The end of the seasonal gold buying in India added to the selling pressure in the market [5] Analyst Perspectives - Analysts from various institutions expressed differing views on the recent precious metals sell-off and future trends, with some warning of potential corrections due to accumulated speculative long positions [6] - Despite signs of overbought conditions, some analysts noted that demand for gold remained strong, with a cumulative increase of over 65% since 2025 [6] - Bloomberg strategists indicated that while the absolute value of ETF gold holdings has not reached historical peaks, the underlying factors supporting gold prices have not changed, potentially limiting the extent of future corrections [6]