银价3天累计跌幅达40%，金价累计跌幅约20%

Group 1: Market Trends - International gold and silver prices experienced a significant drop, with gold futures falling below $4500 per ounce and silver futures dropping to $72.35 per ounce on February 2 [2] - In January, gold and silver prices surged, reaching historical highs of $5626.80 per ounce and $120.57 per ounce respectively, with monthly increases of approximately 29.89% and 72% [2] - Following the peak, gold and silver prices faced volatility, with gold prices declining by about 20% and silver by 40% over three days, erasing January's gains [2] Group 2: Stock Market Impact - The decline in gold and silver prices negatively impacted the stock market, with the Shanghai Composite Index closing down 2.48% on February 2 [4] - Precious metal stocks were heavily affected, with companies like Xiaocheng Technology (down 18.96%) and others experiencing significant losses, including 29 stocks hitting the daily limit down [4] - In the Hong Kong market, the Hang Seng Index fell by 2.23%, with notable declines in gold-related stocks [4] Group 3: Commodity Valuation Concerns - Citigroup's research indicated that gold valuations have reached extreme levels, with global gold expenditure as a percentage of GDP rising to 0.7%, the highest in 55 years [3] - A potential return to historical gold allocation ratios could lead to a significant price drop, with estimates suggesting a "halving" risk for gold prices [3] - The price of gold jewelry also saw a decline, with prices dropping to 1339 yuan per gram, a decrease of over 100 yuan from the previous day [3] Group 4: Regulatory Adjustments - The Shanghai Gold Exchange announced adjustments to the margin levels and price limits for silver contracts due to high volatility, increasing the margin from 20% to 26% [5] - The adjustments aim to mitigate market risks amid significant price fluctuations in silver [5] Group 5: Future Outlook - Some institutions believe the recent price corrections in gold and silver are temporary, with predictions of strong demand from central banks and expected net inflows into gold ETFs [5] - UBS forecasts a net purchase of 950 tons of gold by global central banks in 2026, indicating a strong appetite for gold reserves [5] - Analysts suggest that the recent price declines can be viewed as a market cooling phase rather than panic selling, which may help to stabilize the market for future growth [5]