金价“高位跳水”，贵金属板块跌幅居前

Core Viewpoint - The precious metals market has experienced a significant decline due to a decrease in risk aversion, with gold prices dropping sharply [1][3] Group 1: Market Performance - On October 22, spot gold prices fell over 2%, reaching a low of $4002 per ounce before recovering slightly to $4095 per ounce, marking a 0.68% decline [1] - On October 21, spot gold closed at $4130.41 per ounce, reflecting a 5.18% drop, the largest single-day decline in five years [3] - COMEX gold futures also fell by 4.94%, closing at $4144.10 per ounce [3] - Spot silver saw a significant drop of 8.7%, reaching $47.89 per ounce, the worst single-day performance since February 2021 [3] Group 2: Domestic Market Impact - Domestic gold jewelry prices were significantly reduced on October 22, with major brands like Lao Miao and Zhou Sheng Sheng lowering their prices by 83 yuan and 39 yuan per gram, respectively [3] - The gold mining sector experienced widespread declines, with companies like Zhaojin Gold hitting their daily limit down, and others like Western Gold and Hunan Gold also seeing substantial losses [3] Group 3: Analyst Insights - Analysts suggest that the fundamental factors supporting precious metals have not changed, indicating potential buying interest may limit further declines [4] - According to CITIC Futures, the current market may be entering a phase of adjustment after nearly two months of rising prices, with future focus on U.S. monetary policy and geopolitical changes [4] - The precious metals market is viewed as being in a bull market, with the decline of dollar credit being a core factor supporting long-term strategic value in gold and silver [4] Group 4: ETF Trends - The World Gold Council reported that in September 2025, global physical gold ETFs recorded the largest monthly inflow ever, contributing to a record total inflow of $26 billion in the third quarter [5] - As of the end of the third quarter, total assets under management (AUM) for global gold ETFs reached a historic high of $472 billion, with total holdings increasing by 6% to 3838 tons [5]