金价波动，官方为何提示风险？

Core Viewpoint - Recent fluctuations in gold prices, with a peak above $4300 per ounce and a subsequent drop below $4000, highlight the importance of understanding market dynamics and potential risks [1][7]. Group 1: Market Risk Control - The Shanghai Gold Exchange has issued 12 market risk control notices in 2025, surpassing the total for the previous year, indicating heightened market volatility [2]. - Frequent risk control notifications are a necessary measure to protect the market and investors, especially in light of significant price movements [4]. - The exchange can adjust margin levels and price limits under various conditions, including market risk changes and significant price fluctuations [3]. Group 2: Gold Price Dynamics - Gold possesses three key attributes: monetary, commodity, and safe-haven, which influence its price fluctuations based on global economic conditions and geopolitical events [5]. - Historical analysis shows that gold prices have experienced three significant upward cycles, each reflecting profound changes in the global economic landscape [6]. - From mid-2018 to October 2023, gold prices surged approximately 258.33%, with a notable increase of 66% in 2025 alone, driven by geopolitical uncertainties [7].