贵金属市场“高台跳水” 行情表现：全线下挫，波动巨大

Market Performance - The precious metals market experienced a significant downturn, with core commodities recording substantial declines. Silver saw the most dramatic drop, falling 7.2% to $71.64 per ounce after reaching a historical high of $83 earlier in the day, marking a maximum intraday fluctuation of approximately 15% [3] - Gold futures on COMEX dropped 4.45%, falling below the $4,400 mark, with a decline of over $200 from its peak [3] - Platinum and palladium futures were even more severely affected, with platinum futures on the London Metal Exchange (LME) declining by 13.8% and palladium futures nearing a 17% drop [4] Reasons Behind the Decline - The sharp decline was attributed to multiple converging factors rather than a single cause. A key trigger was the CME's announcement to raise trading margins, which increased silver futures margins by 13.6%. This required traders to invest more capital to maintain existing positions, leading to forced liquidations of speculative and leveraged long positions [5] - Prior to the decline, precious metals had accumulated significant gains, with silver up over 140% and gold rising by as much as 72% for the year. The market was severely overbought, and technical indicators signaled a correction. Many investors opted to lock in substantial profits, exacerbating selling pressure [5] - Changes in macroeconomic expectations also played a role, as recent hawkish signals from Federal Reserve officials dampened market expectations for interest rate cuts in early 2026. This strengthened the dollar and increased bond yields, raising the opportunity cost of holding non-yielding assets like gold, prompting capital outflows from the precious metals market [5] - Market sentiment and a lack of liquidity due to the holiday season contributed to a reversal of previously heated speculative sentiment, triggering a chain reaction of stop-loss orders and long position liquidations, creating a vicious cycle of "downward-selling" [5]