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, closing at $4,113.05 per ounce. Despite this, gold has seen a year-to-date increase of 57%, supported by central bank purchases, dovish signals from the Federal Reserve, and strong inflows into gold ETFs. Analysts suggest that the current correction is more of a technical adjustment rather than a trend reversal, indicating that gold remains a crucial asset for long-term investment [1][2][3]. Factors Driving Gold Price Increase - The recent surge in gold prices is attributed to multiple factors, including safe-haven demand, monetary policy expectations, and speculative investments. The primary driver remains investor demand, with central bank purchases acting as an additional variable. Since 2003, investment demand has been the main force behind gold price movements [3][6]. Gold and Silver Market Dynamics - Gold and silver are fundamentally different markets, with gold serving primarily as a store of value and silver having significant industrial applications. The gold-to-silver ratio has fluctuated, indicating market dynamics, but should not be the sole basis for investment decisions. Each metal should be analyzed based on its unique fundamentals [4][5]. Investor Behavior and Market Corrections - The current market shows signs of overcrowding in gold trading, with potential for significant corrections if dollar liquidity tightens. Observing market sentiment and news can provide early warning signals for potential corrections. Historically, gold prices tend to dip during periods of liquidity tightening but often rebound afterward [7][8]. Long-term Outlook for Gold - The long-term outlook for gold remains positive, with potential for prices to reach $5,000 or even $6,000 per ounce, driven by increasing public debt and a shift away from fiat currencies. The demand for gold is expected to persist as investors seek hard assets. However, external factors can lead to significant price fluctuations [9].