突发！金价，又跳水！

Core Viewpoint - Gold prices have been on a downward trend, with spot gold dropping nearly 2% and COMEX gold falling over 2% as of October 28, 2023 [1] Price Movement - After reaching a historical high of $4,381.484 per ounce on October 20, international gold prices have retraced significantly, with a maximum decline exceeding 10% from that peak [2] Market Sentiment - The recent decline in gold prices is attributed to a noticeable reduction in safe-haven demand, as investors shift towards equities and high-yield assets. Following a series of new highs, some investors opted to take profits, coupled with an increase in market risk appetite, leading to a correction in gold prices [3] - Ole Hansen, the head of commodity strategy at Saxo Bank, indicated that the peak for this year may have already occurred, suggesting that a deeper correction could take longer to recover [3] Future Price Predictions - Despite the short-term bearish outlook, many institutions remain optimistic about gold's long-term prospects. Fidelity International noted that as investors reduce their holdings in U.S. assets and diversify into other assets, gold may attract structural inflows [4] - A report from Shenwan Hongyuan on October 24 stated that gold is no longer a wise choice in the short term, as "long gold" has become the most crowded trade globally, leading to a rapid price decline from historical highs. However, their quantitative model predicts a price center of $4,814 per ounce by 2026, indicating gold still holds allocation value [4] - JPMorgan has a long-term bullish outlook for gold, forecasting a price of $5,055 by the end of next year, while Goldman Sachs maintains a target price of $4,900, suggesting potential upside risks [4]