金价、银价，突然跳水！

Core Insights - The precious metals market experienced a significant decline, with gold and silver prices dropping notably, reflecting broader market adjustments [1][2][4] Precious Metals Market Summary - As of November 14, gold spot prices fell by 2.69% to $4058.79 per ounce, while COMEX gold dropped by 3.24% to $4058.6 per ounce [1][2] - Silver spot prices decreased by 3.35% to $50.536 per ounce, with COMEX silver down by 5.28% to $50.365 per ounce [1][2] - Platinum and palladium also saw declines, with platinum falling over 2% and NYMEX platinum down nearly 4% [1][2] Global Gold Demand Trends - The World Gold Council reported that global gold demand reached a record high of 1313 tons in Q3 2025, with a total value of $146 billion [2] - Factors driving this demand include geopolitical tensions, persistent inflation, and uncertainties in global trade policies, which have increased the appeal of gold as a safe-haven asset [3] Investment Trends in Gold ETFs - Investors have significantly increased their holdings in physical gold ETFs, with an additional 222 tons added in Q3 2025, translating to $26 billion in inflows [3] - For the first three quarters of 2025, total global gold ETF holdings increased by 619 tons, approximately $640 billion [3] Market Outlook - Citic Securities suggests that the ongoing liquidity easing and continued inflows into ETFs will support precious metal prices in the long term [4] - The firm maintains a bullish outlook on gold and silver prices, anticipating a recovery after current adjustments, positioning them as key commodities for Q4 2025 to 2026 [4]