深夜跳水！黄金创12年来最大单日跌幅，白银创4年来最大跌幅

Core Viewpoint - The international precious metals market experienced a significant crash, with gold dropping 6.3%, marking the largest single-day decline since April 2013, catching many investors off guard [1][3]. Market Performance - On October 21, gold prices fell from approximately $4342 to a low of $4086, closing at $4128.27 per ounce, while silver saw an even steeper decline of 8.7%, closing at $48.58 per ounce [3]. - The New York Mercantile Exchange saw December gold futures drop by 4.92% to $4145 per ounce, and COMEX silver futures fell by 7.69%, indicating a systemic sell-off across the precious metals sector [3][9]. Causes of the Crash - Analysts attribute the crash to profit-taking after significant gains earlier in the year, with gold up over 57% and silver up 67% [5]. - A decrease in safe-haven demand due to easing geopolitical tensions and a more favorable trade outlook between the U.S. and China also contributed to the decline [5][7]. - The strengthening U.S. dollar added pressure, with the dollar index rising approximately 0.4% over three consecutive days, making gold more expensive for holders of other currencies [7]. Market Indicators - Technical indicators suggested an overheated market, with gold's relative strength index (RSI) previously exceeding 88, signaling a potential for correction [7]. - The surge in trading volume for gold futures, exceeding daily averages by about 40%, indicated a significant number of traders were selling simultaneously [15]. Institutional Reactions - The largest gold ETF, SPDR Gold Trust, showed a declining trend in holdings prior to the crash, signaling institutional investors' caution [13]. - Divergent views emerged among institutional investors, with some seeing the drop as a normal correction while others expressed concern over the sustainability of current gold prices if retail investors reduce their positions [11][13]. Historical Context - This crash represents the largest single-day decline in gold prices since April 2013, contrasting with a previous drop driven by liquidity issues during the "dollar shortage" in March 2020 [13][17]. - The market is now focused on upcoming U.S. CPI data, which could influence gold prices depending on inflation trends [19].