国际现货黄金、白银再度反弹 机构：市场上短期获利了结者与长期配置者并存

Core Viewpoint - International spot gold and silver have rebounded, with gold prices recovering above $4900 per ounce and silver prices experiencing significant fluctuations [1][2] Market Performance - On February 6, gold prices rose over 2%, reaching $4857.57 per ounce, an increase of approximately 1.7%, while silver prices peaked with a rise of over 6%, settling at $74.12 per ounce, up about 4.5% [1][2] Investor Behavior - Institutional investors remain the primary force in the gold futures market, likely holding positions at low levels and partially selling for profit as prices rise, while also establishing short positions at high levels to close out when prices fall [1][2] - The market currently features both short-term profit-takers and long-term allocators, with professional investors typically not liquidating all positions even when taking partial profits [1][2] Long-term Trends - Since the fourth quarter of the previous year, there has been a consistent increase in purchases by global central banks and a sustained demand for hedging from professional investors through ETFs, driven by long-term risk-averse strategies [1][2] - Ongoing concerns regarding geopolitical risks, U.S. debt risks, and the sustainability of U.S. equity and government finances have not changed, suggesting that buying interest will persist even if gold prices decline [1][2]