创12年来最大跌幅，金价为何波动频繁？

Core Viewpoint - International gold prices experienced a significant drop of over 5% on the 21st, marking the largest single-day decline in five years, primarily due to profit-taking by investors and other factors [1][6]. Group 1: Market Performance - On the 21st, the international spot gold price fell approximately 5.3% to $4,123.85 per ounce, with an intraday drop of 6.3%, the largest decline in 12 years [1]. - On the following day, gold continued to decline, reaching a low of $4,005.01 per ounce, a drop of 8.01%, while spot silver fell to $47.529 per ounce, down 2.1% [5]. - The recent sell-off in gold is attributed to concerns that the historical price increases have led to overvaluation, compounded by a strengthening dollar which diminishes the appeal of precious metals [6]. Group 2: Investor Sentiment - A recent survey by Bank of America indicated that 43% of fund managers view "going long on gold" as the most crowded trade, surpassing the 39% for "going long on the seven major U.S. stocks" [7]. - Since late August, international gold prices surged from around $3,300 per ounce to over $4,000, driven by geopolitical changes, global economic uncertainty, Federal Reserve rate cuts, and central bank purchases of gold [7]. - Despite the recent downturn, analysts believe that the long-term drivers for gold prices remain intact, with expectations for a recovery in the coming months [7].