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Core Viewpoint - The article discusses the recent surge in global precious metal prices, particularly gold and silver, which have reached historical highs due to multiple driving factors, including macroeconomic policies, geopolitical risks, and supply constraints [4][5]. Group 1: Price Movements - As of October 17, international gold and silver prices hit new historical highs, with London gold peaking at $4380.79 per ounce and London silver reaching $54.468 per ounce, although both experienced significant pullbacks [3][4]. - The price of gold fell below $4300 per ounce during intraday trading, while silver saw a decline of over 1% [3]. Group 2: Driving Factors - The primary driver for the increase in gold prices is the expectation of interest rate cuts by the Federal Reserve, which weakens the dollar and lowers real interest rates, enhancing gold's appeal as a non-yielding asset [4]. - Geopolitical uncertainties have heightened risk aversion, providing crucial support for gold prices [4]. - Continuous inflows from official reserves and institutional funds have established a solid demand foundation for precious metals [4]. Group 3: Supply Constraints - The lack of supply elasticity in precious metals is a significant factor, as mining investments are capital-intensive and have long lead times, making it difficult to increase production in the short term [5]. - Silver, often a byproduct of other mining operations, has even less supply elasticity, making its price highly sensitive to demand changes [5]. - Severe shortages of silver in overseas markets and a backwardation in prices between New York and London have contributed to the rise in silver prices [5]. Group 4: Market Regulations - In response to the volatility in gold and silver prices, the Shanghai Futures Exchange and the Shanghai Gold Exchange have implemented risk control measures and issued warnings to investors [5]. - Starting October 21, 2025, the trading limits for gold and silver futures contracts will be adjusted to 14%, with margin requirements for maintaining positions set at 15% and 16% for general positions [5][6]. Group 5: Future Price Outlook - Analysts suggest that while the long-term bullish outlook for precious metals remains intact, short-term volatility risks have significantly increased [6]. - Technical analysis indicates that if New York gold effectively breaks through the $4200 level, the next resistance could be around $4400, with a new support level forming near $3950 [6]. - Investors are advised to maintain light positions and take advantage of price corrections for gradual accumulation, while strictly managing risks to avoid chasing prices [6].