美东时间周三，美股三大指数集体收跌，纳指跌近1%，跌幅领跌主要股指。 截至收盘，道琼斯指数跌0.71%，报46,590.41点；标普500指数跌0.53%，报6,699.40点；纳斯达克指数跌0.93%，报22,740.40点。 奈飞股价同样拖累市场。该流媒体平台因与巴西税务机构的纠纷导致业绩不及预期，股价暴跌10%。 热门中概股普跌，纳斯达克中国金龙指数跌0.93%，阿里巴巴跌0.49%，京东跌1.13%，拼多多跌0.50%，蔚来涨0.59%，小鹏汽车跌1.12%，理想汽车跌 0.64%，哔哩哔哩跌1.54%，百度跌1.77%，网易跌4.51%，腾讯音乐跌0.44%，小马智行跌6.91%。 黄金价格延续跌势 贵金属方面，截至收盘，伦敦现货黄金价格跌0.65%，报4097.94美元/盎司，伦敦现货白银价格跌0.46%；COMEX黄金期货涨0.18%，报4116.6美元/盎司， COMEX白银期货涨1%。 8月下旬以来，国际金价在经过几个月盘整后打开上行空间，从每盎司3300美元附近一路涨至超过4000美元。地缘政治变动和全球经济不确定性加剧、美 联储降息、全球央行购金等，是此轮黄金走强的重要推动因素。本周初， ...

Core Viewpoint - The recent updates on gold and platinum prices reveal significant variations among different brands, influenced by brand positioning and market demand, highlighting the importance of price comparison for consumers [1][2][13]. Gold Prices Overview - On October 22, 2025, gold prices from various brands were reported, with most brands like Liufu Jewelry, Xie Rui Lin, and others priced around 1292 CNY per gram, while China Gold offered a lower price of 1175 CNY per gram [1]. - The price differences among brands are primarily due to brand premiums, with high-end brands commanding higher prices compared to more affordable options [2]. Platinum Prices Overview - Platinum prices were noted to be lower than gold, with major brands like Liufu Jewelry and others maintaining a price of 661 CNY per gram, while more affordable options like Cai Bai offered prices as low as 508 CNY per gram [4]. - Consumers are advised to consider both price and purity when purchasing platinum jewelry [4]. Gold Bar Prices - Gold bar prices are generally more stable, with major brands like Liufu and others priced at 1146 CNY per gram, while Cai Bai offered a lower price of 1078 CNY per gram [5]. - Banks typically offer slightly lower prices for gold bars, making them suitable for investment or long-term value retention [5][6]. Recovery Prices - The recovery prices for gold and platinum jewelry are significantly lower than retail prices, with gold jewelry recovery at approximately 953 CNY per gram and platinum at 331 CNY per gram [8]. - This price disparity indicates that many consumers purchase gold jewelry for wearing and collecting rather than for short-term investment [8]. Purchasing Guidelines - Consumers should clarify their purpose for buying precious metals, whether for investment or personal use, and choose accordingly [10]. - Attention should be paid to the purity of the metals, with 99.9% gold or 950 platinum being ideal for long-term value [11]. - Price comparison among different brands is crucial, as significant price differences exist for the same purity levels [12]. - Market fluctuations, particularly in international gold prices, can impact domestic prices, making it essential to time purchases wisely [13].

Group 1 - The core viewpoint of the article highlights that high volatility in international gold prices has led to a significant decline in gold stocks, with notable actions taken by prominent investors like Deng Xiaofeng, who reduced his holdings in Zijin Mining for the first time this year [1][5][7] - The article discusses the recent sharp drop in gold prices, with the COMEX gold index experiencing a daily decline of 5.39% on October 21, reaching a low of approximately $4020 per ounce [2][3] - Analysts attribute the recent decline in gold prices to technical overbought conditions and profit-taking by investors, alongside improved geopolitical conditions that have reduced the demand for gold as a safe haven [3][5] Group 2 - Deng Xiaofeng's fund, Gao Yi Xiaofeng No. 2 Letter Fund, has reduced its holdings in Zijin Mining by approximately 18.6 million shares, marking the first reduction this year, while previously increasing its stake in the first and second quarters of 2025 [8][9] - The article notes that Zijin Mining's stock price has nearly doubled this year, but has faced volatility and a downward trend entering the fourth quarter [5][10] - The article emphasizes that while short-term fluctuations in gold prices are influenced by trading sentiment and major events, long-term demand from central bank purchases and investment is expected to support a rise in precious metal prices [2][3][11]

国际金价大幅波动，黄金股承压。 据紫金矿业三季报，高毅资产 邓晓峰年内首度 对该股进 行了减持。 业内认为，从中长期维度看，央行购金与投资需求将推动贵金属价格上抬。 邓晓峰曾分析称，部分上游工业金属品种价格向下的弹性会缩减、向上的弹性会增加。中长 期看，短期不确定性带来的波动反而提供了较好的投资窗口。 多重因素共振 金价大跳水 10月21日，国际贵金属价格大幅"跳水"，COMEX黄金指数单日跌幅为5.39%；22日， COMEX黄金指数盘中最低触及约4020美元/盎司。 【 导读 】 三季度，高毅资产 邓晓峰年内首度减持 紫金矿业 中国基金报记者 储是 邓晓峰年内首度减持紫金矿业 黄金股随国际金价急涨而受益，紫金矿业年内涨幅接近100%。进入四季度，紫金矿业股价震 荡下跌。 | 2025 三季报 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 序号 | 股东名称 | 持股数量(股) | 占总股本比例(%) | 期末参考市值(亿元) | 持有限售股数量(股) 方向 ? | 持股数量变动(股) 持股比 | | | 闽西兴杭国有资产投资经营有限 ...

10月21日晚间，国际贵金属市场风云突变，金、银价格上演"断崖式"跳水。Wind数据显示，伦敦现货 黄金盘中最大跌幅达6.3%，创下2013年4月以来最大单日跌幅；现货白银最大跌幅更达8.7%，刷新2021 年以来的单日跌幅纪录，金银市场同步遭遇"黑色夜晚"。 恐慌情绪继续传导。10月22日，伦敦现货黄金盘中最低触及4002.89美元/盎司，伦敦现货白银盘中最低 下探至47.48美元/盎司；A股贵金属板块开盘即承压，西部黄金、招金黄金、湖南黄金等盘中跌幅超 5%。这场历史性暴跌为何突然降临？牛市行情是否就此终结？投资者又该如何应对？ 金银骤跌"变脸" 在连续多日刷新历史高点后，贵金属"黑马"突现变脸。10月21日午后至晚间，国际贵金属市场突发剧烈 震荡，金、银价格上演"断崖式"跳水，引发全球投资者高度关注。Wind数据显示，伦敦现货黄金盘中 最大跌幅达6.3%，创下自2013年4月以来的最大单日跌幅；现货白银跌幅更为迅猛，盘中最低触及 47.817美元/盎司，较前一交易日收盘价最大跌幅达8.7%，创下自2021年以来的单日跌幅纪录，金银市 场同步遭遇"黑色夜晚"。 进入10月22日，国际金银跌势未止，延续前一 ...

Group 1 - Silver prices have surged significantly, with London spot silver increasing over 69% year-to-date, outperforming gold [1] - Hunan Silver, the only A-share listed company in the silver industry, reported a revenue of 4.529 billion yuan, a year-on-year increase of 35.59%, and a net profit of 62.197 million yuan, up 7.01% [1] - The recent drop in precious metal prices on October 21 saw gold fall below $4,100 per ounce, a decline of over 6%, and silver drop over 8%, falling below $50 per ounce, marking the largest single-day drop since 2021 [1] Group 2 - On October 22, the main silver contract on the Shanghai Futures Exchange opened sharply lower, dropping over 5% during the day and closing at 11,404 yuan per kilogram, down 3.86% [2] - Social media platforms have seen increased discussions about investing in silver, with reports of significant sales increases for silver products, such as a tenfold rise in sales for a specific investment silver bar [2] - The recent price volatility has left some investors surprised, particularly those who bought silver at its peak [2] Group 3 - Analysts from Minsheng Securities suggest that the recent price drop is a correction following an emotional surge in the market, particularly evident in silver [4] - The outlook indicates a potential short-term rebound for the dollar, with adjustments expected in gold and silver prices, especially as silver has already touched its 20-day moving average [6] - Reports from various analysts indicate that while there may be further adjustments in precious metal prices, there is still potential for future increases, albeit requiring a period of consolidation [6]

Group 1 - The core viewpoint is that while short-term uncertainties regarding tariffs persist, precious metal prices are expected to rise in the long term due to factors such as geopolitical risks and central bank gold purchases [1] - Short-term risk aversion has led to a slight decline in precious metal prices, but the weakening of the dollar credit system may highlight the long-term value of precious metals [1] - The People's Bank of China has a significantly lower gold reserve ratio compared to the global average, indicating potential for future increases in gold holdings [1] Group 2 - The mining ETF (561330) tracks the non-ferrous mining index (931892), which includes companies involved in the development of copper, aluminum, lead-zinc, and rare metals [1] - The mining ETF (561330) has an excess return of over 10% compared to the China Nonferrous Index, indicating a more concentrated focus on leading companies [1] - The ETF has a higher proportion of investments in gold, copper, and rare earths, reflecting its strategic asset allocation [1]

Core Viewpoint - The recent sharp decline in gold and silver prices is attributed to multiple factors, including improved risk appetite in global markets and potential easing of geopolitical tensions, particularly regarding the Russia-Ukraine conflict [2][3]. Group 1: Market Reactions - On October 22, London spot gold prices fell to nearly $4000 per ounce, with a daily decline of 5.31%, while silver dropped by 6.99% [1]. - Investor sentiment is mixed, with some buying during the dip while others are waiting for potentially lower prices [1]. Group 2: Factors Influencing Price Adjustments - Analysts indicate that the current price adjustments in gold and silver are due to a combination of improved risk appetite in markets, particularly in Asia, and signs of de-escalation in geopolitical conflicts [2]. - The rapid increase in precious metal prices prior to the decline indicated an overheated market, leading to profit-taking and adjustments [2]. Group 3: Silver Market Dynamics - The silver market, being smaller and less liquid than gold, experiences more pronounced price fluctuations, which can lead to larger gains and losses [3]. - Recent easing of logistics and inventory issues has contributed to a recovery in silver market liquidity [3]. Group 4: Regulatory Responses - Regulatory bodies have responded to the volatility by increasing margin requirements for gold contracts to mitigate systemic risks and protect investors [4]. - Several funds have implemented purchase limits to manage exposure to the volatile precious metals market [5]. Group 5: Long-term Outlook - Despite short-term volatility, the long-term outlook for precious metals remains positive due to ongoing central bank purchases and the fundamental drivers of gold prices, such as rising debt and declining dollar credibility [6]. - Investment strategies should focus on long-term positioning while being cautious of short-term market fluctuations [7].

Core Viewpoint - The recent sharp decline in gold prices, dropping over 6.3% to below $4100 per ounce, is attributed to easing geopolitical tensions and a softening of trade attitudes from Trump, leading to profit-taking in the precious metals market [1][3]. Group 1: Market Performance - On October 21, gold prices experienced a significant drop, falling from around $4342 to $4068.7 per ounce within hours, marking the largest single-day decline since April 2013 [1]. - Prior to the drop, gold had surged over 2.5% on October 20, reaching a historical high of $4381.29 per ounce before closing at $4356.26 [3]. - The volatility in gold and silver prices indicates a potential overheating in the market, with the implied volatility of gold options exceeding 20, suggesting increased trading risks [3]. Group 2: Future Outlook - HSBC forecasts that gold's upward momentum may continue until 2026, with a target price of $5000 per ounce, driven by strong central bank purchases and ongoing concerns over U.S. fiscal deficits [5]. - The demand for gold is increasingly viewed as a hedge against debt sustainability risks and potential dollar weakness, particularly among emerging market central banks [5]. - However, HSBC warns that if the Federal Reserve's rate cuts are fewer than market expectations, the upward trajectory of gold prices may face challenges [5].

Core Viewpoint - The recent sharp decline in gold and silver prices is attributed to a combination of profit-taking by investors and easing macroeconomic tensions, despite a long-term bullish outlook for precious metals driven by central bank purchases and monetary easing expectations [2][3][4]. Group 1: Market Movements - On October 22, gold and silver futures opened with significant drops, with gold reaching a low of 933 CNY per gram and London spot gold hitting a low of 4002 USD per ounce [2]. - On October 21, gold prices fell by 6.18%, while silver experienced an 8.72% drop, falling below 50 USD per ounce [2]. - The rapid shift from a "hot" to a "frozen" market for gold prices indicates a correction after a period of sustained overbuying [2]. Group 2: Economic Factors - Easing trade tensions and geopolitical news contributed to the decline in precious metal prices, alongside a backdrop of rising short-term risks [2]. - Recent disclosures of loan fraud and bad debts by two U.S. banks triggered a credit crisis, leading to a sell-off in the stock market, particularly affecting regional banks [2]. - Despite the short-term volatility, the fundamental outlook for gold remains unchanged, with ongoing expectations for monetary easing and persistent market risk aversion [2][4]. Group 3: Institutional Perspectives - HSBC's commodity outlook report suggests that gold's upward momentum may continue until 2026, driven by strong central bank purchases and ongoing fiscal concerns in the U.S., with a target price of 5000 USD [3]. - Huashan Fund indicates that the current trading environment for gold is overheated, with implied volatility levels exceeding 20, signaling potential short-term risks [3]. - Analysts believe that while central bank purchases and investment demand will support long-term price increases, short-term adjustments may still pose challenges for investors [4].