贵金属板块重挫，兴业银锡、白银有色等多股跌停，分析师：等待波动率回归正常

Group 1 - The core viewpoint indicates that after a significant fluctuation in precious metals, gold and silver prices have declined again, with gold down over 1% and silver down over 2% as of January 30 [1][2] - The non-ferrous sector has experienced a broad pullback, with several stocks hitting the limit down, while Hunan Gold remains capped at the limit up. The non-ferrous mining ETF fell by 8.88%, with over 100 million yuan in trading volume and a net inflow of over 10 million yuan during the session [1][2] - Market perspectives suggest that the short-term drop in gold and silver prices is due to profit-taking by investors after prices reached new highs, with gold having risen for eight consecutive trading days and a cumulative increase of over 23% this month [3] Group 2 - Institutions remain optimistic about the resilience of gold in the medium to long term, with the World Gold Council indicating that strong demand for gold investment in China is expected to continue into Q1 2026, supported by consumer purchasing and gifting during the pre-Spring Festival period [4] - The report anticipates that geopolitical developments and economic uncertainties will maintain high levels of risk aversion, suggesting that gold investment may continue to show steady performance [4] - Huayuan Securities believes that the restructuring of the global monetary system will take a long time, and while the likelihood of significant selling of U.S. dollars and U.S. Treasuries as global reserve assets remains low in the short term, there is a trend towards increasing preference for gold and silver as alternatives [4]