金价创12年最大单日跌幅，白银跌幅一度超8%

Core Viewpoint - Recent declines in gold and silver prices are attributed to the easing of market risk aversion and profit-taking by investors, despite a long-term bullish outlook for precious metals [1][8]. Group 1: Market Reaction - On October 21, gold prices fell over 6% to $4086 per ounce, marking the largest single-day drop in 12 years, while silver prices dropped over 8% to below $48 per ounce, the largest decline since 2021 [1]. - Domestic futures markets also saw significant declines, with Shanghai gold and silver contracts dropping 4.64% and 4.86%, respectively [1]. - Analysts suggest that the recent price corrections have absorbed many profit-taking positions, indicating a potential for future price stability [1][8]. Group 2: Risk Factors Easing - Three major risk factors that previously supported gold prices have shown signs of easing: 1. Optimistic developments in U.S.-China trade relations, with President Trump expressing intentions to visit China and engage in trade discussions [3]. 2. Hopes for an end to the U.S. government shutdown, as Democratic leaders are negotiating to resolve the situation [4]. 3. A relative easing of geopolitical risks, particularly regarding the Ukraine conflict, with leaders expressing support for negotiations to achieve a ceasefire [5][6]. Group 3: Long-term Outlook - Despite the recent price corrections, analysts maintain that the long-term bull market for precious metals is far from over, driven by factors such as the weakening of the dollar's dominance and ongoing geopolitical tensions [2][8]. - Investment in gold remains attractive, with analysts suggesting that current market conditions present suitable buying opportunities for long-term investors [8]. - The historical context of the 1970s gold bull market is referenced, indicating similarities in current market dynamics, including concerns over dollar liquidity and the independence of the Federal Reserve [8]. Group 4: Additional Insights - Following the rapid increase in gold prices, copper is expected to experience a rebound due to its strategic importance in global energy transitions and technological advancements [9].