国内金价暴跌20元！现在是上车的黄金时刻吗？ 小区的黄金柜台前最近热闹得很：张大妈攥着存折犹豫要不要抄底，说上周看的投资金条还928元/克， 这周就跌到908元/克，单克降了20元；刚订婚的小李更纠结，想给未婚妻买金镯子，又怕买完再跌，不 买又担心后续涨价。2025年11月的黄金市场像坐过山车，国际金价从4381美元/盎司的峰值单日暴跌超 500美元，国内金价也跟着回调，不少人都在问：这波下跌是"抄底良机"还是"套牢陷阱"。 1. 暴跌实锤：国内单克跌20元，金店却"抗跌"？ 2. 暴跌原因拆解：政策+国际，双重因素砸盘？ 这波金价下跌，是国内政策调整和国际市场变化的双重作用，每一个原因都有实打实的依据。 第一个关键因素是国内税收新政冲击。2025年11月1日，财政部、税务总局明确区分投资性与非投资性 黄金的增值税政策，非投资性黄金进项税抵扣大幅降低，推高了部分企业成本，市场担忧后续流通成本 上升，引发短期抛售潮。政策落地后，工行、建行等银行还一度暂停黄金积存业务，调整系统对接，进 一步加剧了市场波动。 先给大家上硬数据，这波金价下跌可不是空穴来风。上海黄金交易所数据显示，11月以来黄金（T+D） 价格从92 ...

封面新闻记者杨芮雯 近期，受美联储政策摇摆、全球地缘局势紧张及各国央行持续购金等多重因素影响，黄金市场开启"过山车"式剧烈波动模式。国际金价一路冲高，重回 4200美元/盎司关口，国内上海黄金现货价格同步攀升至958.74元/克左右，单日涨跌交替上演，不仅出现早盘暴跌、午后暴涨的V型反转，更有单日涨幅 超100美元的极端行情。 黄金价格波动大 这波跌宕起伏的走势，既催生了短线操作的盈利机遇，也暗藏高杠杆投资的巨大风险——有人快进快出斩获可观收益，也有人盲目跟风借贷加杠杆，最终 面临账户清零的惨痛结局。11月14日，封面新闻记者对话了多位身处市场一线的投资者与资深行业从业人员，揭秘他们近日以来短线炒金背后的经历和态 度。 金价剧烈震荡 社交平台出现短线"淘金热" 11月14日，接受封面新闻记者采访的00后女孩张甜（化名），分享了她在波动行情中的短线操作经历。国庆前夕，她以890元/克的价格投入20万本金首次 入场，国庆期间金价飙升至905元/克的强劲走势让她果断加码——即便流动资金不足，仍借贷30万加仓330克。 近期，黄金市场正上演"过山车"式剧烈震荡，国际金价在触及4381美元/盎司历史高点后大幅回调，又于 ...

Core Viewpoint - The article discusses the historical performance of gold, its current valuation, and investment considerations, emphasizing the impact of various factors such as inflation, monetary policy, and market conditions on gold prices [4][6][70]. Historical Performance of Gold - Over the past 200 years, gold has slightly outperformed inflation, with a long-term annualized return of around 0.6% after adjusting for inflation [6][7]. - Since 1971, when the U.S. abandoned the gold standard, gold's long-term annualized return has significantly increased to 8.89% [10][12]. - Gold has experienced three major bull and bear market cycles since 1971, with notable price fluctuations [15][18][20]. Recent Market Trends - Following the Federal Reserve's first interest rate cut in September 2024, gold and other major asset classes have seen an overall increase [4]. - The current market has experienced a recent correction after a significant rise, coinciding with new tax regulations on gold investments [4][66]. Factors Influencing Gold Prices - The primary factor affecting gold prices is the U.S. dollar's real interest rate, which is calculated as nominal interest rate minus inflation rate [31][32]. - Other influencing factors include mining costs, geopolitical risks, and financial crises, which often drive investors towards gold as a safe-haven asset [37][43][70]. Valuation Assessment - Gold's valuation can be assessed using the ratio of gold price to average mining costs, with a price below mining costs indicating a strong buying opportunity [46][49]. - As of November 3, 2025, gold is rated at approximately 1.1 stars, suggesting it is not currently undervalued [49][64]. Investment Strategies - There are three primary purposes for investing in gold: decorative (jewelry), short-term investment (gold funds), and long-term hedging (physical gold) [55][56]. - Decisions on whether to take profits or continue holding gold should be based on the initial investment purpose and current market conditions [62][64]. Tax Implications - New tax regulations effective November 1, 2025, will impose differentiated tax rates on gold based on its use, affecting the cost of purchasing gold jewelry while maintaining lower costs for investment-grade gold [66][69].

世界黄金协会数据显示，10月，全球实物黄金ETF流入达82亿美元，已连续五个月实现流入。尽管10月流入规模较上月有 所放缓，但仍远高于年初至今的月均流入水平，而前十个月720亿美元的累计净流入则创下历史记录。 截至10月底 资产管理总规模(AUM)增至 UBUZ美元 ® F 较上月环比增长6% 总持仓增长至 9 0 1 1 o 持仓量环比增长1% 截至10月20日 伦敦金午盘价创下了年内的第五十次新高 尽管现货金价(XAU)日回调了5% ● 点击查看更多 亚洲地区 ×域概览 北美与欧洲地区基金 成为主导力量 北美地区 10目流入约 65亿美元国 实现连续第五个月流入 10月 流入约 P f 亿美元($) 创下亚洲历史第二强单月表现 仅次于今年4月的73亿美元 中国市场流入达45亿美元 10月初中美关系紧张局势升温 叠加金价强劲表现 中型分类去半世间:韩国 亚日正版中心四川 ● 点击查看更多 欧洲地区 10月 流出约 45亿美元 (1 终结连续五个月净流入态势 录得该地区历史第二大单月流出额 英国、德国分别创下历史最大与次大月度资 金流出纪录 南非市场则录得约1.18亿美元的资金流出 部分抵消了区域整体表现 波 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company has shown impressive performance driven by high demand for gold investments, with a significant revenue increase of 33.41% year-on-year to 20.472 billion yuan in the first three quarters of 2025 [5][4] - The gross margin improved in Q3 2025, leading to enhanced profitability, with a net profit margin of 3.67% in Q3 2025, up from 3.57% in Q2 2025 [5][4] - The company is actively expanding its channel layout, with a focus on local marketing and brand promotion, including the opening of new stores [5][4] Financial Performance Summary - Revenue projections for the company are as follows: 2024A at 20.233 billion yuan, 2025E at 25.346 billion yuan, 2026E at 28.384 billion yuan, and 2027E at 31.337 billion yuan, reflecting growth rates of 22.2%, 25.3%, 12.0%, and 10.4% respectively [5][6] - The net profit for the company is expected to reach 7.97 billion yuan in 2025, with a corresponding P/E ratio of 15 [5][6] - The company’s total market capitalization is currently 116.43 billion yuan, with a total share capital of 778 million shares [3][6]

Core Viewpoint - The international gold price has experienced a significant drop of nearly $100 from its recent high due to profit-taking after the U.S. government reopened, indicating a decline in speculative sentiment [3]. Group 1: Market Dynamics - The market is currently focused on the Federal Reserve's upcoming December meeting, with the probability of a rate cut now slightly above 49%, showing a notable decrease [3]. - The geopolitical situation is expected to remain relatively calm in the last one and a half months of the year, as Trump's tariff policies face challenges and may require reassessment [3]. - The holiday season in December is likely to reduce trading activity and liquidity in the market [3]. Group 2: Technical Analysis - Despite maintaining a long-term upward trend, the international gold price has seen two rapid increases that have exhausted buying momentum, particularly the surge from September to October [4]. - The consecutive declines after October 21 have impacted bullish confidence, which may take time to recover, especially in the absence of significant fundamental stimuli [4]. - If the year-end market is driven by technical trends, gold prices may continue to fluctuate around the $4000 per ounce mark, with a potential drop to the support level of $3750 per ounce if previous lows are breached [5].

09 今日金价:(饰品工费另计) 钳导 摆件 第三 ¥600 ¥1275 ¥1325 ¥1325 6 @中新经纬 更新于:2025年11月13日 单位:元/克 在此前一度跌破4100美元之后，现货黄金再度拉升！ 北京时间11月13日早间，现货黄金升破4200美元/盎司。 | W | 伦敦金现 | | | O | | --- | --- | --- | --- | --- | | | SPTAUUSDOZ.IDC | | | | | 4202 648 "Fa | | 4194.605 总量 | | 0 | | +8.043 | +0.19% 升盘 | 4195.020 现手 | | 0 | | 最高价 | 4206.670 持 仓 | 0 | 外 盘 | 0 | | 最低价 | 4194.590 增 仓 | 0 | 内 盘 | 0 | | 分时 | 壬日 | 周K 月K | 更多 | (0) | | 叠加 | | 均价:0.000 | | | | 4206.670 | | | 0.29% 卖一 4203.995 | | | | | | 买一 4202.648 | 기 | | | | | 7:00 4202.23 ...

Core Viewpoint - The public FOF funds have achieved remarkable performance in Q3 2025, with all funds reporting positive returns for the year, marking an unprecedented situation in the market [1][3]. Performance Highlights - The top-performing FOF product has recorded a return of nearly 70% this year, significantly outperforming many actively managed equity funds [2][5]. - The leading FOF fund, Guotai Youxuan Lianhang One-Year Holding FOF, achieved a return of 66.7%, followed by Guotai Industry Rotation Stock C at 60.3% and E Fund Gold Theme at 55.3% [3][4]. Fund Growth and Popularity - The total scale of public FOF funds increased from 165.7 billion yuan at the end of Q2 to 193.4 billion yuan by the end of Q3, with the number of funds rising from 517 to 518 [7][10]. - Some FOF products have seen their scale grow more than tenfold, indicating strong investor interest and confidence [10][12]. Investment Strategies and Trends - FOF funds have shown a significant preference for gold-themed funds, which accounted for 40% of the top ten performing FOF funds, reflecting a strategic focus on risk-averse assets amid rising geopolitical risks and fluctuating inflation expectations [5][19]. - The international gold price has been strong, surpassing $2,600 per ounce in Q3, contributing to the performance of gold-related investments [5][19]. Major Holdings and Adjustments - The top five funds held by FOFs include Hai Fudong Zhongzheng Short Bond ETF, Huazheng Gold ETF, and several other bond ETFs, indicating a strong focus on fixed-income securities [13][15]. - FOFs have increased their holdings in Huazheng Gold ETF by over 70 million shares in Q3, demonstrating a proactive approach to asset allocation [6][18]. Future Outlook - FOF fund managers are looking to balance their portfolios with a focus on technology and cyclical sectors for Q4, while maintaining a solid foundation in bond and gold investments [20][22]. - The consensus among FOF managers is to adopt a flexible and balanced investment strategy to navigate potential market volatility while seeking excess returns [22].

编辑 王进雨 实习生 郭栩君 进入11月，金价仍在震荡调整，国际金价回到4100美元/盎司上方。11月12日，COMEX黄金盘中报 4120.8美元/盎司，涨0.11%；现货黄金盘中报4116.28美元/盎司，跌0.24%。国内上海黄金交易所上海金 早盘价报947.47元/克。 这一天，金饰价格已经突破1300元。菜百首饰足金饰品报价1265元/克，周大福足金饰品报价1313元/ 克，周生生足金饰品报价1309元/克。 金价的细微波动，总能挑动人们敏感的神经。 站上巅峰的黄金，才经历了"惊魂一夜"。10月21日，现货黄金一度下跌超6%，创2013年4月以来最大单 日跌幅，几乎"一键撤回"过去一周积累的收益。 黄金狂欢按下暂停键，但"淘金"故事从未停止。11月5日，黄金投资者邓丽反复点开手机查看金价，犹 豫要不要先抛售一部分黄金持仓再抄底，投资者黄珊则不慌不忙，坚持定投黄金。 01 珠宝城批发生意不好做 主播上线引流 站上高位后金价狂泻，同样突如其来。10月21日，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。 早上9:30，北京天雅珠宝城准点开门营业，11:00左右，当天 ...

Core Viewpoint - The recent fluctuations in spot gold prices, with a notable drop from $4245 to around $4150, indicate a strong tug-of-war between bullish and bearish sentiments in the market [1] Market Analysis - Recent negative news includes three Federal Reserve officials expressing caution regarding a potential interest rate cut in December, which has reduced the market's expectation of a rate cut in October from 60% to 51%, contributing to gold's weakness [2] - The primary reason for the recent decline in gold prices is attributed to excessive buying pressure, as gold had risen significantly from the $4000 mark amidst similar comments from Federal Reserve officials about exploring rate cuts [2] - The drop in gold prices coincided with a significant decline in U.S. stocks and cryptocurrencies, suggesting that these markets are influencing gold's performance negatively [2][4] Liquidity and Market Dynamics - The underlying logic for the current market conditions is the tightening liquidity in the U.S., prompting the Federal Reserve to consider expanding its balance sheet to inject liquidity [4] - Historically, when U.S. stocks decline, gold tends to rise, indicating that the current downward trend in gold may be a short-term effect [4] Technical Analysis - Spot gold reached a high of $4210 before retreating to a low of $4160, which is identified as a critical support level [5] - If gold can maintain above the $4160 support level, it may signal the end of the recent downward trend, with strong buying interest noted in the $4150-$4160 range [5] - The overall strategy suggests a bullish outlook for gold, with key support levels at $4150 and $4100, and potential targets at $4200 and $4160 [7]