21世纪经济报道·2025-10-21 07:36Core Viewpoint - The article discusses the significant rise in gold prices, which have reached historical highs, and the subsequent actions taken by financial institutions to manage risks associated with gold trading [1][6]. Group 1: Gold Price Surge - Gold prices have reached a peak of $4,394 per ounce as of October 21, with a year-to-date increase of over 65% [1]. - The surge in gold prices has led to a shift in market sentiment, with bearish voices diminishing significantly [6]. Group 2: Institutional Responses - Everbright Bank announced adjustments to its business relationships with clients trading gold, aiming to protect investors from high-leverage gold derivatives [2][4]. - Other banks, including Industrial Bank, China Merchants Bank, and China Construction Bank, have also issued warnings about market risks in precious metals trading [6]. Group 3: Margin Adjustments - The Shanghai Gold Exchange has raised margin requirements for various gold contracts, with standard margin ratios for certain contracts increasing from 38% to 40% and for silver contracts from 41% to 43% [6]. Group 4: Market Dynamics - UBS strategist Sagar Khandelwal noted that political and trade uncertainties are driving gold prices higher, with predictions that prices could reach $4,700 per ounce by Q1 next year [7]. - Deutsche Bank analysts reported a significant increase in gold's share of global foreign exchange and gold reserves, rising from 24% in June to 30% [7]. Group 5: Fund Management Adjustments - Fund companies are limiting subscription amounts due to overwhelming demand, with specific funds capping daily investments to 10,000 yuan [9]. - The adjustments reflect a trend of increasing restrictions on large subscriptions, indicating a response to the rapid influx of capital into gold-related investments [9]. Group 6: Investor Sentiment - A recent survey indicated that 43% of fund managers view "going long on gold" as the most crowded trade, surpassing the interest in major U.S. tech stocks [10]. - Despite the perception of gold being overvalued, the average allocation to gold among global investors remains low at 2.4% [10].