金价大跳水后又狂飙！黄金最新行情：看懂这三点不踩坑还能赚

Core Viewpoint - The gold market experienced extreme volatility in early February 2026, with prices reaching a historical high of $5626 per ounce before plummeting below $4800, leading to significant losses and buying opportunities for investors [1][3]. Group 1: Market Dynamics - The immediate trigger for the volatility was the nomination of Kevin Walsh as the next Federal Reserve Chairman, who advocates for a significant reduction in the balance sheet, negatively impacting gold prices [3]. - The trading structure amplified the volatility, with increased margin requirements leading to forced liquidations and a chain reaction of sell-offs, resulting in a 30-day volatility rate for gold exceeding 44%, the highest since the 2008 financial crisis [3]. - Despite the fluctuations, global central banks continued to purchase gold, with a reported net purchase of 230 tons in Q4 2025, indicating sustained demand [3]. Group 2: Investor Behavior - The physical gold market reacted swiftly to price changes, with long queues forming for both selling and buying gold in major cities like Beijing and Guangzhou, reflecting a strong interest in physical gold despite price volatility [5]. - Institutional investors displayed a split in outlook, with Deutsche Bank predicting gold could rise to $6000 per ounce, while UBS set targets ranging from $4600 to $7200 per ounce depending on market conditions [6]. - Caution was expressed by some institutions, such as Citigroup, which suggested that gold prices might face structural declines in the latter half of 2026 due to reduced hedging demand [8]. Group 3: Market Data - As of February 5, 2026, gold was priced at $4812 per ounce, down 3.97% from the previous trading day, while domestic prices in China also saw significant declines [11]. - Analysts forecasted that domestic gold prices might fluctuate between 1070 and 1150 yuan per gram in the short term, indicating a period of consolidation [13]. - The trading volume of gold ETFs surged during this period, with significant daily transaction amounts reflecting heightened market activity and investor engagement [8].