Core Viewpoint - On January 30, gold prices experienced a significant reversal, marking the largest single-day decline in nearly 40 years after reaching a historical high the previous trading day [1] Investor Sentiment - Investor sentiment has become polarized following the sharp decline in gold prices, with some early investors remaining calm due to unrealized gains, while others who did not enter the market feel relieved [2] - Discussions on investment platforms reflect anxiety, with topics such as whether to hold or sell amid the price drop gaining traction [2] - Some investors are taking a contrarian approach by gradually increasing their positions, indicating a complex emotional landscape among market participants [2] Factors Behind Price Decline - The sharp drop in gold prices is attributed to multiple factors, including profit-taking after a rapid increase of approximately 30% since the beginning of 2026 [3] - Increased margin requirements for gold futures trading have exacerbated the volatility, with exchanges raising margin ratios, leading to a chain reaction of selling [3] - The expectation of changes in monetary policy, particularly with the nomination of Kevin Walsh as the next Federal Reserve Chair, has added pressure on gold prices, as a stronger dollar negatively impacts gold [4] Institutional Perspectives - Various gold-themed ETFs have seen significant declines, with an average drop of over 7% on January 30, and some gold stock ETFs hitting their daily limit down [5] - Despite the recent volatility, there was a notable inflow of funds into related ETFs prior to the drop, indicating lingering optimism in the market [5] - Some institutions maintain a long-term bullish outlook on gold, citing factors such as ongoing de-dollarization, central bank purchases, geopolitical tensions, and inflation expectations as supportive for gold prices [6] - UBS has raised its gold price targets for March, June, and September 2026 from $5,000 to $6,200 per ounce, driven by stronger-than-expected demand [6]
金价历史性巨震 长期配置逻辑仍受部分机构认可
Zhong Guo Zheng Quan Bao·2026-02-01 21:02