黄金暴跌，是“倒车接人”还是“顶部崩塌”？

Core Viewpoint - The recent sharp decline in gold prices, with a drop exceeding 6% on October 21, has raised significant concerns among investors, marking the largest single-day drop since April 2013 [2][4][5]. Market Reaction - On October 22, gold ETFs opened significantly lower, with declines exceeding 4%, and the Shanghai Gold Exchange reported a drop of 54 CNY per gram [2][4]. - Domestic gold jewelry prices also adjusted downward, with reductions of up to 83 CNY per gram in some stores [2]. Causes of the Decline - The decline in gold prices is attributed to multiple negative factors, including a decrease in risk aversion, a strengthening dollar, and profit-taking by investors concerned about high price levels [5][6]. - Specific triggers include improved expectations regarding U.S.-China relations, potential resolution of the Russia-Ukraine conflict, and the end of the U.S. government shutdown, which reduced market uncertainty [6]. Investor Sentiment - Investors are experiencing heightened volatility in the gold market, with some expressing a willingness to hold onto their investments despite recent losses, citing low average purchase prices as a buffer [7]. - Analysts suggest that while short-term adjustments may occur, long-term demand from central banks and investment growth will likely support gold prices [7][8]. Future Outlook - Analysts predict a potential 10%-15% correction in gold prices, similar to market behavior observed earlier in the year [3]. - The long-term outlook remains positive, with expectations that gold will continue to be a fundamental asset in investment portfolios, driven by ongoing geopolitical and economic uncertainties [8].