部分个股累计调整超过两成。 市场预期俄乌冲突可能结束，国际金价走势重挫。 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。 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 震荡，从中线来看，全球对黄金的配置意愿仍然较强。黄金股与金价走势具有较高相关性，但这种相关 性并非绝对对等关系，因为股票与商品资产性质不同，股价还与整体大盘表现 ...

Core Viewpoint - The recent sharp decline in gold prices, with a drop of 5.3% to $4124 per ounce, reflects a combination of profit-taking, reduced safe-haven demand, and changes in the macroeconomic environment, despite a year-to-date increase of approximately 60% [1][3][8] Group 1: Factors Contributing to Gold Price Decline - The immediate trigger for the gold price drop was profit-taking by investors after a strong rally, which saw gold prices reach a record high of $4381.21 on Monday [3][4] - A decrease in safe-haven demand was noted, attributed to optimistic signals in international trade, particularly comments from President Trump regarding a potential trade agreement with China [3][4] - The geopolitical landscape, including expectations of a resolution to the Russia-Ukraine conflict, has also contributed to a diminished appeal for gold as a safe-haven asset [3][7] Group 2: Market Dynamics and Economic Indicators - The overall market risk appetite improved, negatively impacting safe-haven metals like gold [4] - The U.S. government shutdown has created uncertainty, but recent political developments suggest a potential resolution, further reducing the need for safe-haven assets [4][6] - The strengthening of the U.S. dollar, which rose 0.34% to 98.98, has made gold more expensive for holders of other currencies, suppressing demand [5][6] Group 3: Future Outlook for Gold Prices - Short-term predictions indicate that gold prices may enter a consolidation phase, with expectations of volatility in the coming weeks [8] - Despite the recent decline, the long-term outlook remains supported by geopolitical uncertainties, economic slowdown risks, and continued central bank buying [8][9] - The Federal Reserve's interest rate path remains uncertain, with predictions varying widely, which adds to the policy risk surrounding gold investments [8]

Core Viewpoint - The sudden 5% drop in gold prices, marking the largest single-day decline of the year, reflects a collision between market expectations and reality, ending a three-month bullish trend [1] Group 1: Market Expectations - The dovish signals from Federal Reserve Chairman Jerome Powell in August ignited expectations for a rate cut in September, leading to a surge in gold prices from $3,200 to $4,400, a rise of over 37% [2] - The realization of the rate cut led the market to reassess gold's valuation, as the fulfillment of rate cut expectations limited further stimulus potential, causing a shift from expectation-driven to reality-validated momentum [2] Group 2: Data Vacuum - The U.S. government shutdown in November resulted in a "data vacuum," delaying the release of key economic indicators such as non-farm payrolls and CPI, which are crucial for assessing economic fundamentals [3] - The absence of data hindered investors' ability to evaluate inflation pressures or employment market changes, leading to a lack of sustained risk aversion [4] Group 3: Technical Factors - Technically, gold entered an overbought territory around $4,400, with the RSI indicator showing extreme optimism, making it susceptible to negative signals that could trigger technical sell-offs [5] - On November 20, profit-taking by institutional investors initiated a rapid decline in gold prices, resulting in a domino effect of stop-loss triggers and automated sell-offs, shifting the market from buying to panic selling [5] Group 4: Policy Divergence - Despite the rate cut in September, divisions within the Federal Reserve regarding future policy became apparent, with some officials suggesting a pause in rate cuts, indicating a potential shift towards a neutral monetary policy [6] - This divergence contrasted with previous expectations of continued easing, diminishing gold's appeal as a safe-haven asset [7] - The uncertainty surrounding fiscal policy during the government shutdown heightened concerns about "stagflation" risks, challenging gold's value preservation attributes [7] Group 5: Future Outlook - The recent decline in gold prices is viewed as a necessary correction, reflecting a transition from market exuberance to a more sober assessment of reality, as previous gains had already priced in the benefits of rate cuts [7] - Future gold price movements will depend on the Federal Reserve's policy trajectory, the timing of economic data releases, and changes in geopolitical risks, while its safe-haven properties remain intact despite complex price fluctuations [7]

封面新闻记者 朱珠 综合央视新闻、每日经济新闻等 据央视新闻客户端消息，当地时间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。 记者查询发现，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。 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。 封面新闻记者注意到，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。 10月22日，世界黄金协会数据显示，2025年9月，全球实物黄金ETF录得有史以来最大单月流入规模，推动三季度总流入达到创纪录的260亿美元。截至三 季度末，全球黄金ETF资产管理总规模（AUM）增至4720亿 ...

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 震荡，从中线来看，全球对黄金的配置意愿仍然较强。黄金股与金价走势具有较高相关性，但这种相关 性并非绝对对等关系，因为股票与商品资产性质不同，股价还与整体大盘表现相关，不同个股本身也存 在不同消息，例如黄金上涨期间，若某只股票所属矿山停产或维修，或者业绩不如预期，也会对股价产 生影响。 红蚁资本投资总监李泽铭认为，金矿股通常会出现过度炒作现象，10月中旬前本轮金矿股股价升幅大于 黄金升幅。金矿股下跌主要由于金价及其他贵金属价格出现较大幅度调整，黄金大跌属于罕见的单日回 调，必然影响金矿股走势，金矿股跟随金价调整无可避免。另外，金矿股陆续公布三季度业绩，部分公 司不如市场预期，这让很多投资者感到疑惑，金矿股利润并未完全受益于金价涨幅。目前来看，金价回 调是暂时性的，随着全球局势升温、对货币不信任情绪加剧以及避险需求增加，中长远来看金价仍有上 涨动力，经历本轮回调后，金矿股仍有机会吸引中长线资金进入。 博时基金基金经理王祥说，交易 ...

巨震。 最新消息显示，美国总统特朗普重申，美联储政策利率太高。 花旗银行预计，美国政府"停摆"结束及中美协议公布可能推动黄金在未来2—3周内进入震荡整理阶段。 花旗银行表示短期内看跌黄金（此前看涨，现转为看跌），设定0—3个月目标价为4000美元/盎司。 随着美联储议息会议的临近，10月降息似乎已成定局。据CME"美联储观察"工具，美联储10月降息25 个基点的概率为98.9%，维持利率不变的概率为1.1%。美联储12月累计降息50个基点的概率为98.7%， 累计降息75个基点的概率为0.2%。 另据央视新闻，当地时间21日，据英国首相府消息，乌克兰总统泽连斯基、英国首相斯塔默、德国总理 梅尔茨、法国总统马克龙、意大利总理梅洛尼、波兰总理图斯克、葡萄牙总统科斯塔、挪威首相斯特 勒、芬兰总统斯图布、丹麦首相弗雷泽里克森、西班牙首相桑切斯、瑞典首相克里斯特松以及欧盟委员 会主席冯德莱恩当天发表联合声明。 声明表示，各方一致支持争取公正而持久的和平，并赞同美国总统特朗普提出的立即停火、以当前接触 线作为谈判起点的主张。声明重申，国际边界不应以武力方式改变。各方强调，将继续加强对俄罗斯经 济和国防工业的制裁与压力。 ...

据央视新闻客户端消息，当地时间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。 受此影响，国内金饰价格22日也大幅下调。中新经纬查询发现，老庙黄金报价1211元/克，较前一日下跌83元/克；周生生足金饰品报价1250元/克，较前一日 下跌39元/克；老凤祥报价1229元/克，单日下跌61元/克。 | 周生生 | PROMESSA | MINTYGREEN | 周生生 (how Sang Sang EMPHASIS | MARCO BICEGO | 劳力士 | | --- | --- | --- | --- | --- | --- | | | | | | | 最後更新时间: 2025-10-22 09:15:14 | | | | | | | 金价(人民币) | | 足金饰品 (每克 ) | | | 卖出 | | ¥1250 | | | | | 换金价 | | *1089 | | | | | 换珠宝价 | | 1 ...

国泰海通证券认为，短期波动不改港股四季度牛市行情，其中恒生科技空间最大。首先，港股互联网巨 头受益AI叙事发酵，港股资产结构优势有望凸显。其次，伴随美联储重启降息，港股外资力量回流存 在超预期可能。最后，南向资金有望继续流入，有望推动港股行情继续向上。结构上，AI驱动下，港 股科技仍是行情主线。此外，港股红利受益于政策强化分红+低利率，港股新消费、创新药资产较A股 同样稀缺，下半年或也值得关注。 前海开源基金首席经济学家杨德龙表示，目前板块之间也出现了轮动，前期涨幅较大的科技股，出现了 较大幅度调整，而低估值高股息板块，比如银行、电力等则出现逆势上涨，反映出投资者风险偏好下降 之后，从成长股切换到低估值的红利股的特征。 本文转载自腾讯自选股，智通财经编辑：陈筱亦。 恒生指数低开0.5%，恒生科技指数跌0.82%。黄金股大跌，紫金黄金国际、山东黄金跌超6%。泡泡玛特 涨近8%，公司第三季度整体收益同比增长245%-250%。 关于港股后市 银河证券指出，中美贸易谈判结果仍存很大变数，短期内市场风险偏好或持续偏低。当前港股估值整体 处于历史中高水平，预计未来港股市场或宽幅震荡。配置方面，建议关注以下板块：(1)海 ...

Core Viewpoint - Gold prices have experienced a significant decline, with London gold dropping over 5%, attributed to easing geopolitical tensions and a softening of Trump's trade stance, leading to a decrease in safe-haven demand [1][2] Market Analysis - The recent rise in gold prices reflects the weakening of the US dollar's credibility, indicating a shift towards gold as an independent asset rather than being tied to the dollar [2][3] - The current high valuation of gold, driven by rapid price increases, has led to profit-taking among investors, contributing to the recent price correction [2] - A joint statement from European leaders supporting negotiations for a ceasefire in the Russia-Ukraine conflict has further diminished safe-haven demand for gold [2] Long-term Outlook - The fundamental value of gold as a core investment remains unchanged, as the US dollar credit system faces significant structural challenges, exacerbated by rising government debt and concerns over debt sustainability [3] - Central banks are expected to continue increasing their gold reserves, with projections indicating a rise to 74.06 million ounces by September 2025, reflecting a monthly increase of 40,000 ounces [3] Investment Opportunities - Current price corrections in gold may present a favorable entry point for long-term investors looking to capitalize on future price increases [4] - Investment options include: 1. **Gold ETFs**: These funds hold physical gold and closely track the price of gold contracts, providing direct exposure to gold [5] 2. **Gold Mining ETFs**: These track the gold industry stocks across the entire supply chain, offering exposure to both gold price movements and related mining sectors [6] 3. **Mining ETFs**: These focus on a broader range of metals, including copper and lithium, alongside gold, allowing investors to capture rebounds in multiple sectors [7]

Core Viewpoint - On the 21st, gold and silver experienced widespread market sell-offs due to geopolitical factors and profit-taking by investors, with gold prices dropping over 6% and silver prices falling over 8%, marking significant declines in their respective markets [2] Group 1: Market Performance - International spot gold prices fell below $4100 per ounce, recording the largest single-day drop in 12 years [2] - International spot silver prices dropped below $48 per ounce, marking the largest single-day decline since 2021 [2] Group 2: Year-to-Date Performance - Since the beginning of the year, international spot gold prices have increased by over 50% [2] - International spot silver prices have risen by nearly 70% during the same period [2] Group 3: Market Sentiment and Future Outlook - Analysts suggest that previous tensions in the international situation led investors to seek safe-haven assets in precious metals, and if market sentiment continues to ease, precious metal prices may face further corrections [2]