部分银行实物金条库存松动，投资情绪降温

Core Viewpoint - The article discusses the recent volatility in gold and silver prices, highlighting a significant drop in investor enthusiasm for physical gold as prices decline sharply after a historic rise in January [3][4][5]. Price Fluctuations - As of February 2, 2026, spot gold fell by 6.80% to $4,562 per ounce, while spot silver dropped by 11.46% to $75.49 per ounce [3]. - In January, gold prices surged, with COMEX gold futures reaching over $5,600 per ounce, marking a monthly increase of over 29%, while COMEX silver futures peaked at $120 per ounce, with a maximum monthly increase of 72% [4]. Investor Sentiment - Following the price drop, investor sentiment shifted, with some choosing to wait and observe rather than invest in physical gold, leading to increased inventory levels at banks [3][5][6]. - Reports indicate that previously sold-out gold bars are now available for purchase at several banks, indicating a cooling in demand [6][8]. Market Dynamics - The recent price fluctuations are attributed to concerns over the independence of the Federal Reserve following President Trump's nomination of Kevin Walsh as the new chairman, which alleviated fears and led to a rebound in the dollar [5]. - Banks have issued warnings about the risks associated with gold trading, advising clients to assess their risk tolerance and avoid impulsive trading decisions [9]. Long-term Outlook - Despite short-term volatility, analysts remain optimistic about the long-term prospects for gold, with expectations of a return to upward trends later in the year [11][12]. - The World Gold Council reported that global gold demand reached a record high of 5,002 tons in 2025, driven primarily by strong physical gold investment demand [10].