21专访丨纽商所理事会主席：投资者需求决定金价，后市仍看涨

Core Viewpoint - After nine consecutive weeks of increase, international gold prices have experienced a notable correction, with a weekly decline of approximately 3.3% as of October 24, 2023, despite a year-to-date increase of 57% [1] Group 1: Factors Influencing Gold Prices - The strong performance of gold is supported by several factors, including continuous purchases by central banks, dovish signals from the Federal Reserve, and significant inflows into gold ETFs [1] - Investment demand remains the core driver of gold prices, with central banks acting as buyers but not the primary force behind price increases [2][3] - The current market dynamics indicate that the recent correction is more of a technical adjustment rather than a trend reversal, allowing for the digestion of previous gains [1][5] Group 2: Market Sentiment and Future Outlook - Analysts suggest that despite short-term fluctuations, the long-term support factors for gold remain intact, emphasizing its importance as a core asset in investment portfolios [1] - The potential for gold prices to reach higher levels, such as $5,000 or even $7,000, exists, particularly in the context of rising public debt in the U.S. and a shift away from fiat currencies [7] - Market volatility is expected, with gold prices likely to rebound after temporary declines during periods of liquidity tightening [6][7] Group 3: Gold vs. Silver Dynamics - The gold-silver ratio has returned to around 80, indicating differing market dynamics between the two precious metals, with gold primarily serving as a store of value and silver having stronger industrial applications [3][4] - The analysis of the gold-silver ratio can provide insights into market behavior, although it is essential to consider the fundamental differences between the two metals [3]