贺利氏预测：国际金价短期在4800-5200美元/盎司间波动

Group 1 - The core viewpoint of the article indicates that gold prices are expected to fluctuate between $4,800 and $5,200 per ounce in the short term, while silver prices are projected to range from $65 to $100 per ounce [2][3] - The recent high of London gold reached nearly $5,600 per ounce before a significant pullback, with a recent rebound to $5,000 per ounce and decreasing volatility [2][3] - The newly nominated Federal Reserve Chairman's advocacy for a combination of interest rate cuts and balance sheet reduction has reversed previous expectations of continued balance sheet expansion, leading to a sharp correction in gold and overall commodity and stock markets, with gold prices dropping to $4,400 per ounce at one point [2][3] Group 2 - Despite the recent price drop, the U.S. dollar remains weak, and if the balance sheet reduction process does not proceed as scheduled, gold may continue to maintain high levels due to ongoing global political and economic uncertainties [2][3] - Silver has also been affected by expectations of balance sheet reduction, compounded by its stronger speculative nature and severe overbought conditions, resulting in a historically rare pullback [2][3] - Global physical silver inventories remain low, ETF holdings have not decreased, and spot premiums remain high, indicating that despite significant price corrections, the tightness in the silver spot market has not been substantively resolved, necessitating further observation of delivery situations [2][3]