Core Viewpoint - The global precious metals market experienced a panic sell-off on January 31, leading to a significant drop in gold prices, with COMEX gold futures falling by 8.35% to $4,907.5 per ounce and spot gold down by 9.25% to $4,880 per ounce [1][2]. Price Movements - COMEX gold futures closed at $4,907.5 per ounce, down $447.30, a decline of 8.35% [2]. - Spot gold fell to $4,880 per ounce, down nearly $500, representing a 9.25% decrease [1]. - Domestic gold jewelry prices also dropped, with some brands seeing declines of over 100 yuan per gram [4]. Factors Behind the Price Drop - The sell-off was attributed to multiple factors, including profit-taking after a significant price increase since January 2026, where gold reached a historical high of $5,626.80 per ounce [8][9]. - Increased margin requirements for gold futures by major exchanges, such as the CME raising the margin to about 6% of nominal value, added pressure on leveraged traders, triggering a cycle of forced selling [9]. - The nomination of Kevin Warsh as the next Federal Reserve Chairman raised concerns about future monetary policy, strengthening the dollar and putting additional pressure on gold prices [9]. Market Outlook - Despite the recent downturn, there are optimistic factors such as global de-dollarization, continued central bank gold purchases, geopolitical tensions, and inflation expectations that could support gold prices [10]. - Investors are advised to lock in some profits if already invested and consider diversifying into other assets, while those not yet invested may find potential buying opportunities during further price corrections [10]. - The current positions in silver and gold are considered severely overbought, indicating a high risk of profit-taking in the short term, suggesting a cautious approach to trading [10].
金饰克价一夜大跌上百元
21世纪经济报道·2026-01-31 06:18