黄金“变盘” 机构研判后市投资节奏

Core Viewpoint - Recent adjustments in gold prices follow a significant surge, with a notable decline of over 6% in COMEX gold futures from October 21 to 22, indicating a need for cautious short-term investment strategies while long-term value remains intact [1][3] Price Movement - COMEX gold futures reached a historical high of $4,398 per ounce before experiencing a sharp decline, with a single-day drop exceeding 5% on October 21, and prices falling below $4,090 per ounce by October 22 [1] - On the same day, the Shanghai Gold Exchange saw AU9999 drop to a low of 932 CNY per gram, closing at 951.41 CNY per gram [1] ETF Impact - The decline in gold prices led to significant drops in several gold ETFs, including the CCB Shanghai Gold ETF, E Fund Gold ETF, and Huaan Gold ETF, all of which fell by over 4% on October 22 [1] Market Analysis - Analysts attribute the recent price adjustments to geopolitical developments that have increased market risk appetite, leading to a temporary decline in safe-haven demand [1][2] - The rapid increase in gold prices had previously heightened market congestion, prompting strong profit-taking among investors, compounded by increased margin requirements from domestic and international futures exchanges [2] Long-term Outlook - Multiple institutions suggest that while short-term fluctuations in gold prices may occur, the long-term fundamental factors supporting gold's value remain unchanged, indicating potential upward movement in prices [3] - Investment strategies may involve gradually entering the market during price dips, as potential buying interest could limit further declines [3]