在一路狂飙后，金价上演"惊魂一夜"。 10月21日晚，金价遭遇重挫，伦敦现货黄金一度大跌6.3%，创2013年以来最大单日跌幅，最终收跌 5.31%，报4124.36美元/盎司；COMEX黄金收跌5.07%，报4138.5美元/盎司。22日开盘后，金价一度直 线跳水至4000美元关口附近，后反弹至4100美元附近，不断上下剧烈波动。 受国际金价影响，国内金饰价格大幅回调。10月22日，周大福、周大生足金首饰价格由前一日的1292 元/克下调至1235元/克，每克大跌57元；老凤祥足金首饰价格由前一日的1290元/克下调至1229元/克， 每克大跌61元；老庙黄金足金首饰价格由前一日的1294元/克下调至1211元/克，每克大跌83元。 世界黄金协会中国区研究负责人贾舒畅在接受中新网采访时指出，虽然近期有观点认为黄金市场的仓位 较为拥挤，但无论是从非官方黄金投资（金条，金币以及黄金ETF）占全球资产比重，抑或是官方黄金 储备占总体储备的比重来看，黄金的仓位依然处于较低位置。 金价剧烈波动，投资者应如何合理配置黄金资产？ 贾舒畅向记者表示，单纯将黄金作为一类战术性资产来配置，简单地低买高卖，并不能充分发挥其战略 ...

一夜之间，黄金从避险资产变成了风险资产。 据央视新闻，当地时间10月21日，受地缘政治、投资者获利止盈等多重因素影响，黄金、白银遭遇市场广泛抛售。当天，国际现货黄金价格一度下跌超 6%，跌破每盎司4100美元，创下12年来最大单日跌幅；国际现货白银价格一度下跌超8%，跌破每盎司48美元，创下2021年以来最大单日跌幅。 图片来源：每日经济新闻 刘国梅 摄 今年年初以来，国际现货黄金价格已上涨超过50%，国际现货白银价格已上涨近70%。分析人士指出，此前国际局势紧张等因素导致投资者涌入国际贵金 属市场以寻求避险资产，如果市场情绪进一步缓和，贵金属价格可能面临进一步回调。 10月22日早盘，现货黄金大幅震荡，盘中一度跌近3%。22日下16时左右，现货黄金跌势复燃，失守4070美元/盎司，30分钟跌幅逾70美元/盎司。截至发 稿，现货黄金报4080.23美元，跌幅1.08%。 老铺黄金则将于10月26日进行产品提价调整。而这已经是老铺黄金在今年年内的第三次涨价。 对于价格的波动，周大福方面表示，集团设有机制密切监测金价波动，并适时作出价格调整，以应对市场变化。 另据大河报，10月21日，今年一路狂飙的黄金、白银价格 ...

每经编辑｜程鹏 杜宇 一夜之间，黄金从避险资产变成了风险资产。 据央视新闻，当地时间10月21日，受地缘政治、投资者获利止盈等多重因素影响，黄金、白银遭遇市场广泛抛售。当天，国际现货黄金价格一度下跌超 6%，跌破每盎司4100美元，创下12年来最大单日跌幅；国际现货白银价格一度下跌超8%，跌破每盎司48美元，创下2021年以来最大单日跌幅。 今年年初以来，国际现货黄金价格已上涨超过50%，国际现货白银价格已上涨近70%。分析人士指出，此前国际局势紧张等因素导致投资者涌入国际贵金 属市场以寻求避险资产，如果市场情绪进一步缓和，贵金属价格可能面临进一步回调。 10月22日早盘，现货黄金大幅震荡，盘中一度跌近3%。22日下16时左右，现货黄金跌势复燃，失守4070美元/盎司，30分钟跌幅逾70美元/盎司。截至发 稿，现货黄金报4080.23美元，跌幅1.08%。 图片来源：每日经济新闻 刘国梅 摄 国内金饰克价较昨日明显回落。10月22日国内黄金饰品价格对比显示，多家黄金珠宝品牌公布的境内足金首饰价格较昨日下跌，其中亚一金店、老庙足金 报价1211元/克，较前一日下跌83元/克，下调幅度超过了6%；老凤祥报1229 ...

Core Viewpoint - The extreme market fluctuations in gold prices are primarily due to the overcrowding of long positions, leading to profit-taking by investors after a significant price increase since September. This indicates that short-term volatility in gold prices will become the norm [2][5]. Price Movements - On October 21, international gold prices experienced a rare plunge, with spot gold dropping by 6.3% to approximately $4080 per ounce, marking the largest single-day decline since April 2013. The closing price on that day was down 5.31%, the largest drop in nearly 12 years [3][4]. - COMEX gold futures also fell by 5.07% on October 21, closing at $4138.5 per ounce. Since the beginning of 2025, gold prices have surged from around $2650 per ounce, reaching a historical high of $4381 per ounce on October 20 [4]. Market Reactions - The decline in gold prices has adversely affected gold-related stocks, with companies like Shandong Gold and Zhongjin Gold opening down over 7% on October 22, and closing down more than 3% [4]. - Domestic gold jewelry brands reported a drop in the price of pure gold jewelry, with notable decreases in prices from brands like Chow Tai Fook and Lao Miao Gold [5]. Factors Behind the Decline - The recent sharp decline in gold prices is attributed to a series of short-term risk factors easing, including positive signals in US-China trade relations and a reduction in geopolitical tensions in regions like Ukraine and the Middle East [7]. - Technical analysis indicates that gold prices had risen too quickly, entering an overbought state, which necessitated a technical correction [8]. Future Outlook - The recent price correction is viewed as a normal phenomenon and is not expected to alter the long-term upward trend of gold prices. Despite recent easing in US-China trade tensions, the fundamental issues remain unresolved, suggesting that the upward trajectory for gold is likely to continue [10]. - Historical trends indicate that after a sustained period of price increases, gold may experience a correction of 20% to 40% within the following year [11]. - The World Gold Council suggests that significant liquidity crises are needed to disrupt both gold and stock markets, but currently, there are no signs of a breakdown in the credit and banking systems, indicating that gold is likely to remain resilient [12].

Core Viewpoint - The recent sharp decline in spot gold prices, which fell over 6% on October 21, marks the largest single-day drop in 12 years, raising questions about whether this is a trend reversal or a short-term fluctuation [1] Price Movements - Spot gold prices reached a high of $4381.484 per ounce before dropping to $4068.170, reflecting a daily decline of 1.37% as of October 22 [2] - Year-to-date, spot gold prices have increased by 55.03%, while COMEX gold futures have risen by 55.53% [2] - Domestic gold jewelry prices are reported at approximately 1238 RMB per gram for Chow Sang Sang, 1229 RMB for Lao Miao, and 1235 RMB for Chow Tai Fook [2] Market Analysis - The recent volatility in gold prices is attributed to a clash between long-term support factors, such as central bank purchases, and short-term profit-taking due to significant price increases [3] - Experts suggest that the short-term outlook indicates a high probability of continued price fluctuations, with a weakening bullish sentiment but no complete retreat [3] - Core factors supporting long-term gold price increases, such as global uncertainty and declining real interest rates, remain unchanged despite the current market conditions [3] Investment Strategies - Experts recommend that individual investors view gold as a valuable asset for risk hedging and benefiting from interest rate cuts, but caution against high short-term volatility risks [4] - It is advised that investors allocate 10%-15% of their financial assets to gold, using funds that can be invested for over three years, with a preference for gold ETFs due to their low cost and high liquidity [4] - Investors should be cautious of high volatility at current price levels, avoid impulsive buying, and focus on long-term strategies that align with their risk tolerance and investment goals [4]

Core Viewpoint - The recent sharp decline in gold prices, with a drop exceeding 6% on October 21, has raised significant concerns among investors, marking the largest single-day drop since April 2013 [2][4][5]. Market Reaction - On October 22, gold ETFs opened significantly lower, with declines exceeding 4%, and the Shanghai Gold Exchange reported a drop of 54 CNY per gram [2][4]. - Domestic gold jewelry prices also adjusted downward, with reductions of up to 83 CNY per gram in some stores [2]. Causes of the Decline - The decline in gold prices is attributed to multiple negative factors, including a decrease in risk aversion, a strengthening dollar, and profit-taking by investors concerned about high price levels [5][6]. - Specific triggers include improved expectations regarding U.S.-China relations, potential resolution of the Russia-Ukraine conflict, and the end of the U.S. government shutdown, which reduced market uncertainty [6]. Investor Sentiment - Investors are experiencing heightened volatility in the gold market, with some expressing a willingness to hold onto their investments despite recent losses, citing low average purchase prices as a buffer [7]. - Analysts suggest that while short-term adjustments may occur, long-term demand from central banks and investment growth will likely support gold prices [7][8]. Future Outlook - Analysts predict a potential 10%-15% correction in gold prices, similar to market behavior observed earlier in the year [3]. - The long-term outlook remains positive, with expectations that gold will continue to be a fundamental asset in investment portfolios, driven by ongoing geopolitical and economic uncertainties [8].

Core Viewpoint - The recent sharp decline in gold prices, with a drop of over $240 in just seven hours, has triggered significant market reactions and adjustments in both the stock and retail gold markets [1][2]. Market Reactions - On October 22, A-share gold stocks experienced a collective drop, with companies like Hunan Silver and Shengda Resources hitting the daily limit down, while others like Xiaocheng Technology and Zhaojin Gold fell over 9% [2]. - The precious metals sector became the largest declining sector in the A-share market, with the three major indices collectively falling and trading volume decreasing by 202.4 billion yuan compared to the previous day [2]. Retail Market Adjustments - The domestic gold retail market saw significant price adjustments, with major jewelry brands reducing their gold prices substantially. For instance, Chow Tai Fook's gold price dropped by 57 yuan to 1235 yuan per gram [2]. - Despite the price drop, there was an increase in consumer purchases, with many taking advantage of the lower prices to buy gold jewelry [3][4]. Factors Behind Price Volatility - Analysts attribute the recent volatility in gold prices to a combination of technical corrections after a significant rise, easing geopolitical tensions in Eastern Europe, and potential resolutions to the U.S. government shutdown crisis [4][5]. - The rapid increase in gold prices prior to the drop was seen as overbought, leading to profit-taking and further selling as risk aversion decreased [4][7]. Long-term Outlook - Despite the short-term volatility, several international investment banks remain optimistic about gold's future trajectory, with HSBC projecting a target price of $5000 by 2026, driven by concerns over U.S. fiscal deficits [8]. - Long-term bullish sentiment on gold persists, as issues related to U.S. debt repayment risks and the declining purchasing power of the dollar continue to support gold as a hedge against weakening fiat currencies [8].

Core Viewpoint - The recent sharp decline in gold and silver prices is attributed to a correction following a period of excessive market enthusiasm, driven by reduced geopolitical risks and easing trade tensions [2][4][8]. Group 1: Market Trends - Gold prices experienced a significant drop, with spot gold falling by 6.3%, marking the largest single-day decline since April 2013, while silver saw an even steeper decline of 8.7% [3]. - Following the drop in precious metal prices, gold stocks also weakened, with notable declines in companies such as Hunan Silver (down nearly 8%) and Shandong Gold (down 3%) [3][4]. Group 2: Company Performance - Shandong Gold projected a net profit of 3.8 billion to 4.1 billion yuan for the first three quarters of 2025, reflecting a year-on-year increase of 83.9% to 98.5%, although the quarterly profit showed a significant decline compared to the previous quarter [5]. - Zijin Mining reported a 55.5% increase in net profit to 37.86 billion yuan, with the third quarter achieving a record net profit of 14.57 billion yuan, although revenue growth showed signs of slowing down [6]. Group 3: Investor Sentiment - Investor sentiment towards Zijin Mining has become cautious, with significant shareholders like the Abu Dhabi Investment Authority exiting the top ten shareholder list [7]. - Analysts suggest that the recent adjustments in gold and silver prices are part of a "de-bubbling" process, indicating that the underlying narrative supporting gold remains intact despite the current volatility [9].

东方金诚研究发展部副总监瞿瑞表示，由于当前多头市场拥挤度已处于较高水平，加之市场参与者对特 朗普关税政策、美元指数大幅波动、地缘政治突变、美联储货币政策与预期的差异等突发信息高度敏 感。任何相关消息都会影响市场情绪，加大金价的波动，短期内金价波动会成为常态。 不过，瞿瑞分析，主因支撑金价长期上行的核心因素未发生根本改变，包括全球不确定性、实际利率下 行趋势等。"黄金的大牛市是短期震荡，并没有就此见顶。在此情况下，对普通投资者而言，仍可以投 资黄金，但需理性看待当前黄金的行情。"他说。 瞿瑞提醒，一是要警惕高位波动风险，避免盲目跟风追涨，需结合自身风险承受能力、资产配置规模及 投资周期，合理规划黄金资产占比；二是立足长期逻辑，当前支撑金价长期上行的核心因素未发生根本 改变，建议把握市场节奏，采取逢低布局策略，待金价回调至合理区间时择机逐步建仓；三是明确投资 目标，以资产保值、对冲风险为核心，而非单纯追逐短期价差收益，规避盲目追高导致的投资风险。 黄金价格在近期冲高后迎来高位震荡阶段，近两日国际金价直线"跳水"。10月21日现货黄金从最高 4374.79美元/盎司高点回落，收于4123.37美元/盎司，单日跌幅高 ...

Core Viewpoint - The recent 6% drop in gold prices has caught many investors off guard, especially those who entered the market at high prices, highlighting the risks of treating gold as a short-term speculative asset rather than a long-term investment [1][3]. Group 1: Market Dynamics - The volatility in gold prices has been increasing, with recent surges attracting speculative capital, which can lead to sharp corrections when profits are realized [3]. - The recent price drop is attributed to short-term profit-taking by speculators rather than a fundamental shift in the long-term outlook for gold, which remains supported by ongoing central bank purchases and geopolitical uncertainties [3][5]. Group 2: Investment Strategy - Investors are advised to maintain a long-term investment mindset, focusing on gold's core value as a hedge and store of value rather than seeking short-term gains [5][7]. - A recommended strategy is to limit gold holdings to 5%-10% of total assets, allowing for opportunistic buying during price corrections without overexposing oneself to risk [5][7]. - It is emphasized that no one can accurately predict gold price movements, and both bullish and bearish assumptions can lead to market misjudgments [5][7].