贵金属“疯狂月”终结：金价3天跌20%，银价跌40%，月内涨幅被抹平

Group 1 - International gold and silver prices experienced a significant drop on February 2, with gold futures falling below $4,500 per ounce and silver futures dropping to $72.35 per ounce. This followed a record high in January where gold reached $5,626.80 per ounce and silver hit $120.57 per ounce, marking increases of approximately 29.89% and 72% respectively [1] - The domestic commodity futures market saw most major contracts decline, including metals like silver, nickel, copper, palladium, and platinum, as well as oil products. Bitcoin also fell to $74,532 per coin, the lowest since April 2025. Analysts noted that the previous surge in gold prices is now facing a severe "value reassessment" due to tightening global liquidity and the collective decline of Bitcoin and commodities [1] - On February 2, gold jewelry prices in Shenzhen dropped to 1,339 yuan per gram, a decrease of over 100 yuan from the previous day [3] Group 2 - Citigroup's latest commodity report warned that gold valuations have reached extreme levels, with global gold expenditure as a percentage of GDP soaring to 0.7%, the highest in 55 years. If the gold allocation ratio returns to its historical norm of 0.35%-0.4%, gold prices could face a "halving" risk [2] - The A-share market reflected the volatility in precious metals, with the Shanghai Composite Index closing down 2.48% on February 2. The precious metals sector was heavily impacted, with numerous stocks hitting the daily limit down, including companies like Xiaocheng Technology, which fell by 18.96% [5] - The Shanghai Gold Exchange announced adjustments to the margin levels and price limits for silver contracts due to significant price fluctuations. The margin for silver contracts was raised from 20% to 26%, and the price limit was adjusted from 19% to 25% [7] - Some institutions believe that the recent pullback in gold and silver prices is temporary. UBS forecasts that global central bank gold net purchases will reach 950 tons in 2026, indicating strong demand for gold reserves. Additionally, net inflows into gold ETFs are expected to reach 825 tons, significantly exceeding the average from 2010 to 2020 [7]