金价震荡加剧，但宏观环境未变？

Core Viewpoint - Gold prices are experiencing significant volatility, influenced by geopolitical risks and political pressure on the Federal Reserve, but the underlying environment has not changed much [2][7]. Group 1: Price Movements - On January 29, the London spot price of gold reached a peak of $5,594.82 per ounce, followed by a dramatic drop to $4,864.35 on January 30, marking a decline of $530 (9.8%) in a single day, the largest daily drop since 1980 [4]. - The total market value of gold saw a loss of approximately $4.3 trillion in just one day, with the total mined gold amounting to about 220,000 tons by the end of 2025 [4][5]. - Following the price drop, gold prices continued to decline, reaching around $4,400 in Asian trading on February 2, marking a one-month low [4]. Group 2: Investment Trends - Gold has increasingly been viewed as a speculative asset rather than just a safe haven, with rising demand from individual investors and central banks [5][7]. - The World Gold Council reported an 80% increase in investment demand for gold in 2025 compared to the previous year, with ETFs seeing a shift from a net outflow of 2.9 tons to a net inflow of 801.2 tons [7]. - The volatility in gold prices has attracted more hedge funds and investors seeking returns, further pushing gold away from its traditional role as a stable asset [5][7]. Group 3: Market Influences - The nomination of former Fed Governor Walsh as the next Fed Chair, perceived as a hawk favoring tighter monetary policy, triggered a sell-off in gold as investors anticipated negative impacts on prices [7][9]. - Increased leveraged trading has exacerbated the sell-off, contributing to the rapid decline in gold prices [7]. - Despite the recent volatility, long-term trends suggest that the upward trajectory of gold prices remains intact, according to market analysts [8].