金价一日跌破4000、3900美元两大关口

Core Viewpoint - The international gold price has experienced significant declines, dropping below key thresholds of $4000 and $3900 per ounce, with the lowest point reaching $3886 per ounce on October 28, 2023 [1][2][4]. Group 1: Market Trends - The recent drop in gold prices has led to increased buying activity in gold ETFs, with a net inflow exceeding 2 billion yuan in the past week alone [3][5]. - Despite the decline in gold prices, domestic gold ETFs have maintained a net inflow, with a total increase of approximately 8.65 million shares from October 20 to 28, 2023 [5][6]. - The total net inflow for gold ETFs over the past month has reached around 39.8 billion yuan, indicating strong investor interest despite price volatility [5][6]. Group 2: Investor Sentiment - Analysts suggest that many investors view the current price adjustment as an opportunity to "buy the dip," indicating a long-term bullish sentiment towards gold [7]. - The ongoing trends of "de-dollarization," central bank gold purchases, and inflation expectations due to U.S. debt expansion are expected to provide medium to long-term support for gold prices [7]. - The psychological impact of key price levels (e.g., $3000, $3500, $4000 per ounce) is significant, as these levels serve as technical and psychological anchors for investors [7]. Group 3: Market Analysis - The World Gold Council reported record inflows into physical gold ETFs, with a total of $26 billion in the third quarter of 2023, pushing total assets under management to a historic high of $472 billion [8]. - Current high implied volatility in gold options suggests a crowded market, prompting caution among investors regarding short-term risks [8]. - Research from Shenwan Hongyuan indicates that gold's high volatility has negatively impacted its risk-reward ratio, recommending that investors wait for prices to stabilize around $3800 to $3900 per ounce before making new investments [9].