他还指出，普通人过度关注金价波动容易造成心理负担。"你整天盯着价格，说实话，买了之后心态反 而更累——跌了难受，涨了又后悔买太少，反而影响正常工作生活。不如踏实工作来得实在。" 近日，鉴宝博主"听泉鉴宝"在谈及普通人应如何看待黄金投资时表示，对于资金有限的普通人来说，没 必要过度追逐金价波动。"手里有个千八百块钱，不如留着好好过日子。买一两克黄金，就算涨了也赚 不了多少，对生活改善没多大意义。不如和朋友去网吧打打游戏，放松一下更实在。" 受投资者获利了结等多重因素影响，10月21日国际金价单日大幅下跌超过5%，创下近五年来的最大单 日跌幅。（潮新闻） ...

Core Viewpoint - Goldman Sachs analysts reaffirmed their target price of $4,900 per ounce for gold by the end of 2026, highlighting potential "upside risk" due to ongoing structural buying from central banks and high-net-worth individuals [1][7]. Group 1: Market Dynamics - The current sell-off in the gold market is attributed to speculative position liquidations and spillover effects from the silver market, rather than a deterioration in fundamentals [1]. - Structural demand, characterized by "sticky" buying, remains strong from September to October, contrasting with the quick in-and-out nature of speculative funds [3]. Group 2: Sources of Structural Demand - Central banks are expected to show seasonal buying patterns, with purchases likely to rebound in September and October after a quiet summer [4]. - Gold ETFs are anticipated to see renewed inflows driven by expectations of Federal Reserve rate cuts and diversification needs, alongside increased physical gold purchases from ultra-high-net-worth individuals [5]. Group 3: Price Impact and Investor Interest - Goldman Sachs' model indicates that a firm buying of 100 tons can lead to a price increase of 1.5%-2%, with a notable increase of 154 tons in August validating this model [6]. - The interest from institutional investors is rising, with many planning to increase gold allocations as part of their strategic portfolios, which presents significant "upside risk" to the $4,900 target price [8][10].

高盛指出，这些"粘性"资金流主要来自： 央行季节性购买： 尽管本周黄金价格一度累跌超8%，但高盛依然保持坚定的看涨立场。 追风交易台消息，10月22日，高盛分析师Lina Thomas和Daan Struyven发表研报，重申其2026年底4900美元/盎司的目标价，并强调这一预测甚至存在"上 行风险"。 高盛认为，当前的抛售主要是由投机性头寸平仓和白银市场的溢出效应导致，并非基本面恶化。真正的"聪明钱"，包括各国央行、超高净值人士和长期资 产配置机构在内的结构性买盘仍在持续流入。 高盛进一步强调由于大型机构投资者配置需求的苏醒，4900美元/盎司的目标价甚至存在"上行风险"。周三现货黄金一度跌至4000美元关口上方，但随后 受支撑反弹。 （周三现货黄金4000美元上方宽幅震荡） 结构性买盘支撑金价上涨逻辑 与投机性资金的快进快出形成鲜明对比，高盛强调，支撑金价长期走牛的"粘性"（sticky）结构性需求在9月至10月期间依然强劲。 报告进一步揭示了金价未来更大的潜在驱动力，即大型长期资本配置者的持续入场。 高盛指出，近期ETF流入的速度和客户反馈显示，许多长期资本配置者，包括主权财富基金、各国央行、养老基金 ...

消息面上，赤峰黄金拟10月24日举行董事会，以（其中包括）考虑及批准公司及其附属公司截至2025年 9月30日止九个月的未经审计的2025年第三季度业绩及其发布。此外，10月23日下午，现货黄金拉升走 高，一度站上4130美元/盎司，较日低回升逾60美元。高盛在最新研报中维持黄金2026年底达到每盎司 4900美元的预测。该行表示，由于市场对黄金作为战略投资组合多元化工具的兴趣日益增长，我们仍然 认为到2026年底，金价突破4900美元预测目标的风险正在上升。 智通财经APP获悉，赤峰黄金(06693)转涨逾3%，截至发稿，涨3.09%，报29.4港元，成交额2.35亿港 元。 ...

Group 1 - Chifeng Gold (06693) shares rose over 3%, currently up 3.09% at HKD 29.4, with a trading volume of HKD 235 million [1] - The company plans to hold a board meeting on October 24 to consider and approve the unaudited Q3 2025 results for the nine months ending September 30, 2025 [1] - On October 23, spot gold prices surged, reaching USD 4,130 per ounce, recovering over USD 60 from the daily low [1] Group 2 - Goldman Sachs maintains its forecast for gold to reach USD 4,900 per ounce by the end of 2026, citing increasing market interest in gold as a strategic diversification tool [1] - The risk of gold prices exceeding the USD 4,900 target by the end of 2026 is considered to be rising [1]

10月21日国际贵金属市场上演"惊魂一夜"国际黄金市场在此前连创纪录高位后显著下跌。 这场国际市场的剧烈波动，迅速传导至国内，让不少投资者一夜之间心态"崩了"。 那金价此次调整，对于投资者这到底是风险还是机会呢？海星君今天为你详细解读。 2025年10月21日晚间，现货黄金价格一度暴跌超6%，创下自2013年4月以来的最大单日跌幅。 从当日15时的4342美元/盎司高位快速回落至4100美元关口，7小时内跌幅达240美元；COMEX黄金期货同步下挫5.7%，收于4109.1美元/盎司。 此次暴跌的主要原因可能是短期交易过热与获利了结。 自8月以来，黄金已经累计涨幅超过25%，年内涨幅达56%，市场情绪高度亢奋，隐含波动率（IV）指标突破20，显示交易拥挤度达到历史高位。 近期随着地缘关系风险缓和及美联储降息预期的部分兑现，已经赚钱的投资者可能会选择高位套现。 而且美元指数当日反弹了0.4%，削弱黄金对非美元持有者的吸引力，所以黄金市场进一步加速抛售。 从8月下旬至10月中旬，黄金开启了新一轮大涨，从4100美元攀升至4381美元的历史新高，年内涨幅超50%。 导致黄金上涨的主要驱动因素如下： 01美联储降息周 ...

Core Viewpoint - The gold market has experienced significant fluctuations since the beginning of 2023, with recent price movements indicating a potential for continued volatility despite long-term support for gold prices [1][5]. Price Movements - As of October 23, 2023, COMEX gold futures prices turned upward, with related ETFs showing signs of recovery after previous declines [1]. - The 华夏 gold ETF (518850) narrowed its decline to 0.68%, while the gold stock ETF (159562) fell by 1.04%, and the non-ferrous metals ETF (516650) increased by 0.62% [1]. Historical Volatility - The gold market has experienced four significant periods of volatility over the past three years, each characterized by notable drawdowns: - First period: December 1, 2023, to February 14, 2024, lasting 51 trading days with a maximum drawdown of 7.64% [2]. - Second period: April 22, 2024, to June 26, 2024, lasting 46 trading days with a maximum drawdown of 6.11% [3]. - Third period: October 30, 2024, to December 18, 2024, lasting 36 trading days with a maximum drawdown of 9.29% [4]. - Fourth period: April 22, 2025, to August 19, 2025, lasting 84 trading days with a maximum drawdown of 11.01% [5]. Long-term Investment Perspective - Analysts suggest that gold price fluctuations may become a norm due to ongoing uncertainties in U.S. tariff policies and the dollar's rebound amid de-dollarization trends, which still provide strong support for gold prices [5]. - Despite short-term pressures, the long-term investment value of gold remains robust, with recommendations for long-term investors to gradually accumulate positions during price dips [5]. Performance Metrics - As of October 22, 2025, the 华夏 gold ETF has shown impressive performance metrics since its inception: - Highest single-month return of 11.49% - Longest consecutive monthly gains of 6 months - Maximum cumulative gain of 16.34% - Monthly gain/loss ratio of 41/24, with an average monthly return of 3.32% - Annual profit percentage of 75.00% - Monthly profit probability of 62.99% - Historical three-year holding profit probability of 99.51% [5].

Group 1 - The recent surge in gold prices is attributed to the Federal Reserve's initiation of a rate-cutting cycle, with expectations of a further 25 basis point cut by the end of October, leading to a decrease in the opportunity cost of holding gold [3] - The gold market is experiencing a dual driving force of "policy easing and safe-haven demand," particularly due to heightened U.S.-China trade tensions, which have accelerated capital inflow into gold [3] - The price of gold in Shanghai (沪金) reached a peak of 1000 yuan per gram, with significant volatility observed, including a drop to 932 yuan per gram, reflecting a nearly 7% retracement from its peak [3] Group 2 - Investors in accumulation gold (积存金) should clarify their investment logic, as short-term traders face risks associated with rapid entry and exit strategies, while long-term investors can benefit from the policy environment but should manage their positions to avoid over-concentration in a single asset [5] - The analysis from easyMarkets indicates that while the trend for gold remains positive, risks have increased, with 4000 USD per ounce serving as a strong support level for London gold, corresponding to approximately 920 yuan per gram for Shanghai gold [5] - Investors are advised to establish a framework of "trend judgment and risk hedging" to avoid being swayed by short-term market emotions during this volatile period in the gold market [5]

【要闻速递】 本周国际金价出现明显回落，尽管单周跌幅显著，但价格水平仅回落至一周前区间。值得关注的是，本 轮调整并未改变黄金本月的强势表现——截至当前，金价仍保持月度上涨态势，年内累计涨幅更是高达 约55%，展现出贵金属作为避险资产的强劲韧性。 今日周四（10月23日）亚盘时段，黄金期货目前交投于941附近，截至发稿，黄金期货暂939.50元/克， 跌幅1.07%，最高触及940.66元/克，最低下探923.62元/克。目前来看，黄金期货短线偏向震荡走势。 国际投行高盛延续其对黄金市场的长期乐观判断，维持2026年底金价触及每盎司4900美元的目标预测。 该行报告称："随着全球投资者对黄金作为战略资产配置工具的需求持续上升，金价突破我们预测目标 位的风险正在增强。"高盛特别指出，当前市场呈现"粘性且结构性"的购买特征——包括各国央行增持 黄金储备、主权财富基金优化资产组合、以及投资者对冲通胀风险的需求，这些因素共同构成了支撑金 价长期走高的坚实基础。 打开APP，查看更多高清行情>> 针对市场波动，瑞银大宗商品策略师乔瓦尼·斯汤诺沃在最新分析中指出："当前价格调整更可能是技术 性盘整。虽然单日跌幅较大，但实际 ...

Group 1 - The article highlights a surge in gold buying activity due to recent price declines, with many investors eager to purchase gold as prices drop [1] - Some investors are also selling their gold holdings for profit, with one investor reporting a profit of approximately 150,000 yuan from selling 300 grams of gold [1] - The international gold price experienced a significant drop on October 21, leading to a decrease in domestic gold prices on October 22, prompting both buying and selling activities among investors [1] Group 2 - In the jewelry market, there has been a noticeable decline in customer traffic, with fewer people visiting gold shops despite the recent price drop [2] - The high gold prices have negatively impacted gold jewelry consumption in China, with a reported 3.54% year-on-year decrease in gold consumption in the first half of the year, and a 26% drop in gold jewelry consumption [2] - Consumers are increasingly favoring lighter, more design-oriented jewelry products due to the high prices of gold [2]