2025.10.22 10月22日上午收盘，沪金（au7777）下跌4.75%，报收943.3元/克；伦敦现货黄金盘中最低报4002美元/ 盎司；金矿股同样集体跳水，山东黄金（600547.SH）、中金黄金（600489.SH）、赤峰黄金 （600988.SH）等收盘跌幅逼近或超过4%。 回顾本轮行情，因为美国政府关停、贸易摩擦升温、央行大举买入等因素，黄金和金矿股连续上涨近两 个月，随后在10月14日见顶，目前累计调整已经超过一周，部分个股跌幅超过20%；而沪金期货则在10 月21日于1002元/盎司点位见顶；10月21日欧洲领导人发表联合声明，支持通过谈判推动俄乌停火，市 场对冲突结束有一定预期，金价随后大跌。 对黄金未来走势，业内人士认为，尽管短线暴跌，但货币宽松预期对贵金属的中期利好并未动摇，依然 值得看好；对金矿股而言，因为此前涨幅更大，回调时间更早幅度更大，也有更多基本面因素要考虑， 因为部分企业三季报不如预期。 光大证券国际策略师伍礼贤向第一财经分析，昨晚金价明显回调，导致金矿股股价下跌。此前金价涨至 接近4400美元/盎司时，涨势过于急促，出现短线回调属于正常且健康现象，预计金价可能维持在高位 ...

Core Insights - The gold market has experienced significant volatility, with prices dropping sharply after reaching a 12-year high, leading to a decline in gold jewelry prices in the domestic market [1][2][3] Price Trends - As of October 21, COMEX gold prices exceeded $4200 per ounce, marking a year-to-date increase of 60.57% [3] - Major jewelry brands like Chow Tai Fook and Chow Sang Sang have announced price increases for their gold products, with expected hikes ranging from 12% to 40% [3][4] Consumer Behavior - Despite rising prices, consumer interest in gold jewelry remains strong, with a tendency to buy during price increases rather than declines [4][7] - Sales personnel report that a recent drop in gold prices led to decreased customer interest, while a subsequent price rise reignited consumer purchasing [4][7] Company Performance - Chow Tai Fook's "one-price" gold products, which are priced per item rather than by weight, have become a key driver of revenue, with a reported 105.5% year-on-year increase in sales for these products in the 2025 fiscal year [6][7] - The gross margin for Chow Tai Fook improved significantly, rising by 550 basis points to 29.5% in the 2025 fiscal year, attributed to the higher proportion of premium-priced products [7] Market Dynamics - The increase in gold prices and the subsequent rise in jewelry prices reflect deeper changes in consumer behavior and market strategies among gold brands [7] - The introduction of new product lines, such as the "Chuanxi" series, aims to resonate emotionally with consumers, enhancing brand loyalty and sales [6][7]

格隆汇10月22日｜纽约期金日内涨幅扩大至1.00%，现报4150.20美元/盎司。现货黄金突破4140美元/盎 司，日内涨0.35%。 ...

有分析认为，资金获利回调是引发此次跳水的主要原因之一。前期金价持续走高积累了大量获利盘，在缺乏 新的实质性利好支撑下，部分投机资金选择落袋为安，集中抛售引发连锁反应，短短数小时内伦敦金价狂跌 超200美元，形成 "涨多必调" 的典型行情。 另一个原因是，避险情绪显著降温。欧洲领导人联合发表声明支持俄乌停火，让持续三年的地缘冲突出现缓 和迹象，此前支撑金价的避险溢价快速蒸发;同时美国政府停摆风险缓解、国际贸易关税政策释放缓和信 号，进一步削弱了市场对避险资产的需求。此外，本周初市场风险偏好回升，资金流向风险资产，叠加美元 与美债收益率阶段性反弹增加黄金持有成本，多重利空因素共同促成了此次金价调整。 （图片来源：摄图网） 当地时间10月21日，国际黄金市场迎来剧烈震荡。伦敦黄金现货价格盘中一度暴跌超6%，最低触及4080.87 美元/盎司，创下2021年6月以来的最大单日跌幅，上演了一场惊心动魄的 "高台跳水" 行情。 然而，恐慌情绪并未止步，10月22日国际金价延续跌势，截至发稿，伦敦黄金现货价格报4077.13美元/ 盎 司，单日下跌1.15%。COMEX黄金期货价格同步走低1.03%，报4066.9美元 / ...

国际金价高位巨震！国内金饰克价较昨日明显回落，老庙足金克价跌83元！一女子称"1小时亏5万元"，专家提醒...... 每经编辑|杜宇 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%。截至发稿，现货黄金报4113.07美元，跌幅0.29%。 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，周大福足金、周大生足金克 价均为1235元，下跌57元，老庙足金克价为1211元，下跌83元。 据大河报，10月21日，今年一路 ...

每经编辑｜杜宇 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%。截至发稿，现货黄金报4113.07美元，跌幅 0.29%。 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，周大福足金、周大生足金克价均为1235元，下跌57元，老庙足金克价为1211 元，下跌83元。 据大河报，10月21日，今年一路狂飙的黄金、白银价格突然高台跳水。一名福建网友发视频称："在下 跌之前，我订了1公斤的黄金板料和15公斤的白银板料，1个小时至少亏损了5万元。" ...

Group 1 - The core viewpoint of the article highlights the recent fluctuations in gold prices, with a rebound above $4,100 after dipping near $4,000, indicating a daily decline of less than 0.5% [1] - Dongguan Securities notes that the expectation of a Federal Reserve interest rate cut in October is almost certain, coupled with increasing uncertainty due to the U.S. government shutdown, which is contributing to a decline in the dollar's credibility and providing a foundation for rising gold prices [1] - Geopolitical factors continue to support gold prices, with the combination of rate cut expectations and heightened demand for safe-haven assets suggesting that gold prices have upward momentum in the medium to long term [1] Group 2 - The Gold Stock ETF (517400) tracks the SSH Gold Stock Index (931238), which selects 50 larger market capitalization companies involved in gold mining, refining, and sales to reflect the overall performance of the gold industry chain [1] - The index is characterized by high industry concentration and a value investment style, while also incorporating elements of small to mid-cap styles and leading company effects [1]

Group 1 - Shanghai Gold ETF (159830) experienced a significant pullback, dropping over 5% with a transaction volume of 27.94 million yuan as of October 22, 2025 [3] - The latest share count for Shanghai Gold ETF reached 166 million, marking a one-month high as of October 21 [3] - The net inflow of funds into Shanghai Gold ETF was 11.84 million yuan, with a total of nearly 160 million yuan attracted over the last 10 trading days [3] Group 2 - The Shanghai Gold ETF closely tracks Shanghai Gold (SHAU.SGE) and has a management fee of 0.25% and a custody fee of 0.05%, both lower than the average for similar products [3] - The ETF supports T+0 trading, enhancing liquidity for investors [3] Group 3 - European leaders issued a joint statement on October 21 supporting negotiations for a ceasefire in the Russia-Ukraine conflict, emphasizing opposition to the use of force to change international borders [3] Group 4 - On October 22, spot gold prices experienced significant volatility, initially dropping nearly 3% to $4,003 per ounce before rebounding above $4,100 [4] - The fluctuations were attributed to technical adjustments and reduced safe-haven demand due to expectations of a ceasefire in geopolitical conflicts, while global central bank gold purchases and expectations of Federal Reserve easing supported the rebound [4] - Citibank forecasts that the end of the U.S. government shutdown and the announcement of a U.S.-China agreement may lead gold to enter a consolidation phase over the next 2-3 weeks [4] - The World Gold Council suggests that only a major liquidity crisis could disrupt both gold and stock markets, but currently, there are no signs of significant breakdowns in the credit and banking systems, indicating gold's resilience [4]

Core Viewpoint - The significant drop in international gold prices has led to a collective decline in Hong Kong gold stocks, with major companies experiencing substantial losses [2][4]. Group 1: Market Performance - As of the report, major gold stocks in Hong Kong faced severe declines, with China Silver Group down 8.33%, Zhaojin Mining down 5.70%, Lingbao Gold down 5.25%, and Shandong Gold down 4.91% [2][3]. - The COMEX gold futures experienced a notable drop of 5.39%, closing at $4,138.50 per ounce, while spot gold fell by 5.29% to $4,125.79 [4]. Group 2: Price Dynamics - The recent plunge in gold prices occurred after a year-to-date increase of over 60%, starting from $2,651 per ounce and surpassing the $4,000 psychological barrier [7]. - The decline is attributed to two main factors: technical adjustment pressures due to overbought conditions and a reduction in demand for gold as a safe-haven asset amid improving international trade tensions [7]. Group 3: Long-term Outlook - Despite short-term volatility, many institutions maintain a positive outlook on gold's long-term value and potential for price increases [8]. - Deutsche Bank's report indicates that the proportion of "foreign exchange + gold" in global official reserves has risen from 24% to 30%, suggesting that gold prices could theoretically reach $5,790 per ounce if it aligns more closely with the dollar [8][9]. - A survey by the World Gold Council reveals that 95% of central banks plan to increase their gold holdings in the next 12 months, with global central bank net purchases of gold in 2024 reaching 1,136 tons, second only to historical peaks [9].

封面新闻记者 朱珠 10月以来，伦敦金现货价格站上4000美元/盎司、4200美元/盎司，并持续上行冲破4300美元/盎司，屡创历史新高，成为市场焦点。 金价狂飙后，国际黄金市场突现"跳水"行情，高位震荡开启，现货黄金再次跌回4000美元/盎司。 10月21日晚，国际金银大幅收跌，现货黄金大跌5.31%，报4124.36美元/盎司，盘中一度跌超6%，最低报4080.87美元/盎司，创自2013年4月以来的最大单 日跌幅；COMEX黄金期货收跌5.07%，报4138.5美元/盎司。 与此同时，现货白银跌7.11%，报48.67美元/盎司，盘中一度创下自2021年以来的最大跌幅；COMEX白银期货收跌6.27%，报48.16美元/盎司。 截至10月22日发稿，现货黄金报4088美元/盎司，COMEX黄金期货报4121.2美元/盎司。 记者注意到，国内金饰价格也受到影响，周生生品牌金饰价格前一日还是1289元/克，今日价格跌到1250元/克，一夜跌去39元/克。 市场调整或许正是检验投资心态的"试金石"，社交平台上投资者对金价震荡也议论纷纷。"见证历史。"有网友发帖表示，观望很久后以998元价格买了9kg 黄金，一 ...