回顾近30年来黄金历次调整：持续多久？幅度多大？

Core Viewpoint - The article discusses the historical trends of the global gold market following the collapse of the Bretton Woods system, highlighting that each major price increase in gold is typically followed by a period of adjustment with varying degrees and durations [1] Summary by Relevant Sections Historical Price Adjustments - From February 1996 to July 1999, gold prices peaked at $420 per ounce and fell to $253 per ounce, with an adjustment duration of approximately 42 months and a decline of about 40% [1] - From September 2011 to November 2015, gold prices reached a high of $1,923 per ounce and dropped to $1,045 per ounce, experiencing an adjustment period of around 51 months and a decrease of about 43% [1] - From March 2022 to November 2023, gold prices hit a peak of $2,078 per ounce and fell to $1,618 per ounce, with an adjustment lasting about 6 months and a decline of approximately 20% [1] Drivers of Price Adjustments - The adjustment from 1996 to 1999 was influenced by a booming global economy, particularly the rise of the internet economy in the U.S., leading to low demand for safe-haven assets [1] - The 2011 to 2015 adjustment was primarily driven by expectations of the Federal Reserve's exit from quantitative easing, alongside a gradual global economic recovery and reduced demand for safe-haven assets [1] - The recent adjustment from 2022 to 2023 was mainly driven by the aggressive interest rate hikes by the Federal Reserve, with recent volatility in gold prices reflecting corrections in short-term sentiment and technical factors [1] Future Outlook - The long-term upward trend in gold prices is expected to continue, with the recent price drop potentially providing a good entry point for long-term investments [1] - The core strategy for gold investment should focus on "long-term holding and risk diversification" rather than short-term speculation [1]