黄金暴跌！一度跌破3900美元，未来走势如何？

Core Viewpoint - The recent decline in gold prices is attributed to a combination of geopolitical easing, increased technical selling, and market adjustments to interest rate expectations, leading to a cautious outlook among investors [3][4]. Price Movements - As of October 29, spot gold prices fell to $3,943.248 per ounce, down 0.22%, while COMEX gold futures dropped 0.77% to $3,952.3 per ounce [1]. - Gold prices had previously surged, reaching a peak of over $4,300 per ounce on October 20, before experiencing a significant drop, including a record single-day decline of 6.3% on October 21 [1]. Market Sentiment - The easing of trade tensions among major economies has reduced global risk aversion, prompting investors to shift towards riskier assets, which has put pressure on gold prices [3]. - The breach of the $4,000 psychological support level may trigger further technical selling, reflecting a cautious sentiment in the market [3]. Institutional Perspectives - Some institutions have adjusted their future expectations for gold prices, with Capital Economics suggesting that the recent decline marks the beginning of a downward trend, potentially erasing much of this year's gains [6]. - However, other firms, such as Huatai Securities, maintain a long-term bullish outlook on gold, viewing the current dip as a buying opportunity, with expectations of price recovery and growth in gold companies by 2026 [6]. Future Projections - Standard Chartered has raised its 2026 average gold price forecast by 16% to $4,488, citing strong retail and investment demand in Asia [6]. - UBS and HSBC also project continued upward momentum for gold prices, with HSBC targeting $5,000 per ounce, driven by central bank purchases and ongoing monetary easing [6].