黄金白银价格均冲高回落后反弹，还能继续涨吗

Core Viewpoint - The article discusses the recent volatility in gold and silver prices, highlighting the impact of geopolitical tensions, U.S. government shutdown, and inflation expectations on precious metals markets. It emphasizes the long-term bullish outlook for gold and silver despite short-term fluctuations [3][5][6]. Gold Market Analysis - On October 9, gold prices experienced a dramatic reversal, with COMEX December gold futures reaching nearly $4,078 before dropping to below $3,958, reflecting a daily decline of approximately 2.8% [5]. - The recent surge in gold prices is attributed to the U.S. government entering a technical shutdown and delayed economic data releases, which heightened market anxiety and increased demand for safe-haven assets like gold and Bitcoin [5][6]. - The World Gold Council reported that central banks purchased a total of 415 tons of gold in the first half of 2025, contributing to the upward pressure on gold prices [6][7]. - UBS forecasts that gold prices could rise to $4,200 per ounce in the coming months, driven by fundamental and momentum factors [7]. Silver Market Analysis - Silver prices followed a similar trajectory to gold, with COMEX December silver futures reaching $49.965 before falling to $46.89, marking a daily decline of 4.3% [10]. - The dual logic behind silver's price increase includes its financial attributes benefiting from U.S. monetary policy and its industrial applications, particularly in electronics and renewable energy [10][11]. - Silver has seen a cumulative increase of over 67% since the beginning of the year, the largest gain for the metal since 1979, outpacing gold's approximately 54% increase during the same period [11]. - Analysts caution that silver's smaller market size makes it more susceptible to volatility compared to gold, suggesting that while silver may offer speculative opportunities, gold is better suited for portfolio diversification [11][12].