黄金一夜崩盘！港A贵金属板块重挫，后市怎么看？

Core Viewpoint - The recent volatility in gold prices has led to significant losses for bullish investors, with prices dropping below $4000 and $3900 per ounce, causing a negative sentiment across the precious metals sector in Hong Kong and A-shares [2][6][8]. Market Reaction - In the Hong Kong market, notable declines were observed in companies such as China Silver Group, which fell nearly 5%, and others like Zhaojin Mining and Zijin Mining, which dropped over 3% [2][3]. - In the A-share market, companies like Zhaojin Gold and Shandong Gold also experienced declines exceeding 2% [2][4]. Price Movement - Gold prices fell by 3.05% in the U.S. market, breaking through the $3990 mark, and further declined to below $3980 in the Asian market [2][6]. - The price of gold increased from $3960 on October 10 to $4161 on October 22, marking a rise of $200 or nearly 5% before the recent downturn [12]. Causes of Price Decline - The decline in gold prices is attributed to a combination of factors, including a rise in risk appetite that reduced demand for safe-haven assets and a wave of profit-taking following a period of significant price increases [5][8][10]. - Recent progress in U.S.-China trade negotiations has also diminished the geopolitical risks that previously supported gold prices [8][10]. Market Sentiment - Analysts are divided on the future of gold prices, with some, like JPMorgan, remaining bullish, viewing the recent pullback as a consolidation rather than a trend reversal [14]. - Conversely, cautious analysts, such as those from Capital Economics, predict further declines, with expectations that gold prices could drop to $3500 per ounce by the end of next year, representing a potential decrease of over 12% from current levels [15][16].