生意社：屡创新高后 10月22日贵金属价格大幅回落

Core Viewpoint - After reaching new highs, precious metal prices experienced a significant decline on October 22, 2025, with gold and silver prices dropping sharply from their recent peaks, indicating a potential market correction after a strong bullish trend [1][11]. Price Movements - As of October 22, 2025, the spot price of gold was 945.46 CNY per gram, reflecting an 8.41% increase from the beginning of the month (872.11 CNY per gram on October 1) but a 4.13% decrease from the previous day (986.21 CNY per gram on October 21) [3]. - The average price of silver on October 22, 2025, was 11,299.67 CNY per kilogram, up 3.76% from the start of the month (10,890.33 CNY per kilogram on October 1) but down 4.39% from the previous day (11,891 CNY per kilogram on October 21) [5]. Price Trends - Over the past year, both gold and silver exhibited a strong upward trend, with gold prices increasing by over 56.53% and silver by over 40.34%, indicating a robust bull market for precious metals [8]. - The initial phase (October 2024 - April 2025) saw both metals experiencing a steady rise, driven by global economic uncertainty and changing monetary policy expectations [9]. - The mid-phase (April 2025 - August 2025) featured gold stabilizing in a high range while silver began to catch up, supported by industrial demand [9]. - The latter phase (August 2025 - October 2025) saw both metals accelerating in price, influenced by geopolitical risks and expectations of monetary easing [9]. Market Drivers - Key macroeconomic factors driving precious metal prices include global economic uncertainty, inflation levels, and the monetary policy direction of major central banks [10]. - Geopolitical tensions and financial market volatility have heightened demand for gold as a safe-haven asset [10]. - Industrial demand for silver, particularly in sectors like renewable energy and electronics, has provided additional support for its price [10]. Recent Decline Factors - The significant drop in precious metal prices on October 22, 2025, was attributed to several factors: - Profit-taking and technical corrections following a period of rapid price increases, with gold experiencing its largest single-day drop since April 2013 [11]. - Easing geopolitical tensions, such as the ceasefire in the Israel-Palestine conflict, which reduced market risk aversion [12]. - A liquidity crisis in the financial system leading to forced selling of liquid assets, including gold [13]. - Fluctuations in the U.S. dollar index, with prior expectations of interest rate cuts already priced in, resulting in reduced buying interest in precious metals [13]. - Changes in market sentiment and holding structures, with a shift from optimism to caution leading to a concentrated liquidation of long positions [13].