黄金跌破4500美元，白银重挫14%，机构称黄金抛售或难以持续

Core Viewpoint - The extreme fluctuations in precious metals continue, with significant declines in gold and silver prices observed recently, indicating a potential market correction after a period of rapid price increases [1][7]. Price Movements - On February 2, spot gold fell below $4500 per ounce for the first time since January 9, experiencing a daily drop of 7.9%, before recovering slightly to above $4530 per ounce. Spot silver also saw a significant decline, dropping 14% to briefly fall below $73 per ounce [1]. - Domestic gold jewelry prices have also decreased, with brands like Chow Sang Sang and Luk Fook reporting prices of 1484 CNY per gram, down 224 CNY from January 29, when international gold prices peaked [1]. Market Reactions - By February 2 afternoon, A-share gold stocks experienced widespread declines, with many stocks hitting the daily limit down of 10% [5][6]. - The futures market reflected this trend, with the main gold futures contract on the Shanghai Futures Exchange dropping over 15% to 1016 CNY per gram, and the main silver contract hitting the limit down [4]. Market Analysis - Analysts from various institutions, including Britannia Global Markets and Metal Focus, noted that the recent sell-off was expected after a month of rapid price increases in gold and silver. They indicated that the market's irrational behavior was likely influenced by ongoing geopolitical risks and economic uncertainties [7]. - New Lake Futures highlighted that despite the recent downturn, there remains medium to long-term support for gold prices due to ongoing central bank purchases, particularly from emerging markets, and the potential for increased demand from European institutional investors [7]. Trading Strategies - Longcheng Futures suggested that after the recent high volatility, the upper pressure zone for the main gold futures contract is between 1115 CNY and 1165 CNY per gram, while the lower support zone is between 950 CNY and 1000 CNY per gram. They recommended that long position holders consider a wait-and-see approach [8].