黄金突然暴跌，创12年来最大单日跌幅！背后的原因是什么？

Core Viewpoint - The recent drop in gold prices is a normal fluctuation for high-value assets, and the fundamental logic supporting gold's rise remains unchanged, with potential for new highs by year-end [2][9]. Price Performance - From early September to October 22, despite the recent drop, gold prices have still seen a cumulative increase of approximately 20%, maintaining a rise of around 70-80% since early October [4]. Causes of Recent Drop - The recent decline in gold prices is attributed to short-term factors, including profit-taking by investors due to previous rapid price increases [5]. - Additionally, the appeal of high-risk assets, particularly in the tech sectors of US and A-shares, has led to a shift of funds from gold to the stock market [6]. Geopolitical Factors - Recent developments, such as easing tensions in US-China trade relations, potential diplomatic talks between Putin and Trump regarding the Russia-Ukraine conflict, and bipartisan agreements in the US government, have reduced the demand for gold as a safe haven [8]. Long-term Outlook - The core logic driving gold prices remains intact, particularly with the Federal Reserve entering a rate-cutting cycle, which is expected to continue into 2026, leading to increased global monetary easing and a depreciation of currency value [9]. - Ongoing geopolitical issues, such as US-China trade tensions and the Russia-Ukraine conflict, are likely to resurface, prompting a return of safe-haven investments into gold [11]. Investment Strategy - Investors are advised to focus on long-term trends rather than short-term fluctuations, as the current drop is seen as a temporary market reaction rather than a signal of a trend reversal [13].