Core Viewpoint - The domestic gold market has experienced significant volatility due to fluctuations in international gold prices, with a notable "roller coaster" effect observed recently [1][2]. Price Fluctuations - London gold prices fell from a peak of $5,598 per ounce on January 29 to a low of $4,402 per ounce by February 2, marking a decline of 9.25% and 4.52% respectively, before rebounding over 5% on February 3 [2]. - In the domestic market, the price of gold jewelry in Shenzhen's Shui Bei market dropped from 1,398 yuan per gram on January 29 to 1,223 yuan per gram on February 2, before recovering to 1,242 yuan per gram [2]. Consumer Behavior - The recent price adjustments, combined with the upcoming Spring Festival, have led to increased foot traffic in the Shui Bei gold market, with some vendors reporting customer numbers doubling compared to typical weekends [4]. - Consumers are increasingly opting for "emotional gold" jewelry with high processing fees and lower weights, shifting away from traditional gold bars [7][9]. Market Dynamics - Many customers are choosing to sell their existing gold for new purchases, with a notable increase in inquiries about gold recycling services [5][7]. - The market is seeing a trend where customers prefer to exchange old jewelry for new designs rather than simply liquidating their gold holdings [7]. Future Outlook - Analysts predict that gold prices may face short-term adjustments due to profit-taking pressures, but the long-term outlook remains positive, supported by factors such as structural depreciation of the dollar and ongoing geopolitical tensions [10][11]. - The potential impact of U.S. trade policy changes and persistent debt risks are expected to reinforce gold's position as a preferred asset for hedging against inflation and market volatility [11].

近日，全球黄金市场迎来剧烈波动，国际现货金价在短短数日内经历了从历史高位跳水至强势反弹的"过山车"走势，国内金价同步联动震荡，引发投资者广 泛关注。多家机构及业内人士表示，短期政策预期扰动与资金获利了结放大了价格波动，而中长期支撑金价的核心逻辑未发生根本性改变。 据悉，此次金价波动始于1月下旬的强势冲高。1月29日，伦敦金现最高逼近每盎司5600美元关口，创下阶段性新高，国内黄金T+D价格同步攀升，金店零售 金价一度突破1500元/克。然而，强势上涨后随即迎来史诗级回调，1月30日伦敦金现单日跌幅近一成，2月2日更是跌破4500美元/盎司，国内黄金T+D价格也 随之回落，部分投资者遭遇短期浮亏，不少网友在社交平台感慨"短短几天坐了一趟过山车"，有投资者表示，前期浮赢大幅缩水后，为保本选择及时离场， 最终仅获得微薄收益。 业内专家提醒广大投资者，黄金的核心角色应是家庭资产配置中的"压舱石"和"保险单"，主要功能是对冲极端风险、平抑资产组合波动，而非"一夜暴富"的 投机工具。他建议，普通投资者可采用"定期定额积存"的方式参与黄金投资，克服"追涨杀跌"的人性弱点，长期平滑持有成本，同时需密切关注美联储政策 动向、美 ...

强势不改，上方续涨。 黄金深V反转后，昨天又是一个暴力回升，整体收复超600美金。修复大部分跌幅，多头大反攻，再战 5100的关口。 今天的走势 昨天绝地反击，一涨就超300美金。 昨晚还提着5000关口，不断往复调整整理。 今天就直接涨破了，而且来到了5060上方。 另外一方面，美政府停摆还没过24小时，就草草终结了。特朗普又上演妥协的艺术，硬不过就软。同 时，继续派兵中东，捡软柿子捏，紧张情绪又急剧升温，推升黄金走高。 今天消息面 继续看5100的关口，再上破，继续看向5240的阻力。 当然了，面临5100的关口，又是一道关键位置。 再遇阻回落，下方回踩，可再探4940的位置。 此位置支撑反弹，看涨挑战5100。 下方若持续回调，跌破了4940，那么继续看向4800的支撑。 黄金1月非常疯狂，多头扶摇直上，抛物线踩着高位，不断刷新历史新高后。疯狂跳水，盯着台阶不断 跳水，跌没了几乎所有的涨幅。进入2月，又是暴力回升，修复了大半个跌幅，上方再涨，继续看向 5400的区域。下方再次大的调整，可看向4600的区域。 操作方面，黄金深V反转，继续看涨延续，关注4940和4800做多的机会。此外，黄金上方临近关键阻 ...

本文字数：2321，阅读时长大约4分钟 作者 | 第一财经 王方然 近日，受国际金价剧烈震荡影响，国内黄金市场经历了一轮"过山车"行情。伦敦金现价在一周内自高点一度回落超千美元，深圳水贝市场首饰金价也随 之每克回调约百元。 金价波动与春节传统旺季叠加，吸引大量消费者涌入市场。第一财经记者实地探访发现，水贝市场呈现"买金""换金"两旺态势，消费者偏好亦从传统囤金 条转向高工费、低克重的"情绪黄金"饰品。 展望后市，分析认为金价短期或将高位整理，但中长期在美元结构性贬值、债务风险及地缘政治等因素支撑下，配置逻辑依然稳固。 2026.02. 04 每克回调百余元，人流激增 近期黄金价格出现显著波动。伦敦金现价自1月29日触及阶段性高点5598美元/盎司后，于次日及2月2日连续大幅回调，分别下跌9.25%和4.52%，一 度下探至4402美元/盎司；随后在2月3日反弹超5%，重回5000美元/盎司附近。 国内黄金市场亦随之调整。水贝首饰金价在1月29日曾涨至1398元/克，2月2日一度跌至1223元/克，次日回升至1242元/克。整体来看，当前首饰金价 已较上周高点回落约100元/克。 （水贝市场部分商家销售金价的价 ...

费率方面，上海金ETF（159830）管理费率0.25%，基金托管费率为0.05%，均低于同标的产品平均水 平，同时该ETF支持T+0交易。该ETF还配置了场外联接基金（联接A：014661，联接C：014662）。 消息面上，据智通财经，国际金价的反弹直接传导至国内终端市场。2月4日，国内多家黄金珠宝品牌当 日公布的境内足金首饰价格有所上调，周生生报价1600元/克，较前一日1498元/克涨102元；周大福报 价1566元/克，较前一日1495元/克涨71元；老凤祥报价1576元/克，较前一日1518元/克涨58元；老庙黄 金报价1571元/克。 国泰海通证券表示，黄金长期行情仍有支撑。本轮贵金属价格的大幅下跌是对年初以来非理性上涨的技 术性调整，而非黄金长期牛市的终结。短期来看，前期过热投机情绪的降温，以及资金杠杆水平的下降 有助于黄金重回更健康与稳健的上涨趋势。长期来看，在各国信任程度下降的情况下，全球仍在经历持 续的货币体系重构，央行购金仍有较大空间，黄金长期的行情仍然会延续。 2月4日，COMEX黄金期货盘中重回5100美元/盎司关口。 相关ETF方面，上海金ETF（159830）截至发稿成交额超2 ...

Core Viewpoint - The investment manager at Fidelity International, George Efstathopoulos, sold most of his gold holdings just before a significant drop in gold prices, but is now preparing to re-enter the market if prices decline by an additional 5% to 7% [1] Group 1: Market Analysis - Efstathopoulos believes that many market bubbles have been eliminated due to the recent drop in gold prices, while the long-term structural factors supporting gold's strength remain solid [1] - He cites persistent inflation and a weakening dollar as key drivers for gold prices, which have reached record levels [1] Group 2: Fund Management - Efstathopoulos manages a fund with approximately $3 billion focused on income and growth strategies, achieving a 20% return last year [1] - The plan is to increase the gold allocation in the fund to around 5%, emphasizing the importance of gold for portfolio diversification and stability [1]

Core Viewpoint - The recent significant decline in precious metal prices is a technical adjustment to the irrational rise seen since the beginning of the year, rather than the end of a long-term bull market for gold [1] Group 1: Price Movement and Market Dynamics - The short-term drop in gold prices is primarily due to previous irrational surges and retail leverage acting as a volatility amplifier, causing severe corrections from minor disturbances [1] - As the deleveraging process across various exchanges concludes, gold prices are expected to stabilize gradually [1] Group 2: Long-term Outlook and Investment Opportunities - In the medium to long term, the global monetary system is undergoing continuous restructuring, with significant room for central bank gold purchases, indicating that the long-term trend for gold will persist [1] - Overall, the long-term outlook for gold remains intact, and investors are advised to pay attention to opportunities arising from the recent price declines [1] - Investors may consider participating in future pullbacks and gradually accumulating positions during dips [1] Group 3: Investment Products - Direct investment in physical gold and tax-exempt gold ETFs, such as Guotai (518800), as well as gold stock ETFs covering the entire gold industry chain (517400), are recommended [1]

来源：市场资讯 值得注意的是，受地缘政治风险上升、通胀担忧以及各国央行持续买入等因素推动，避险需求走强，黄 金在2026年初大幅飙升。 但这波陡峭且持续时间较长的涨势随后出现回调，进一步印证了布兰特的观点：在价格"垂直拉升"之 后，投资者应避免追涨、不要在动能最强时贸然接盘。 黄金价格历经前两日的剧烈抛售，周二(2月3日)在逢低买盘的支撑下惊人反弹，金价创下2008年11月以 来最强单日表现，显示基本面依然向好。 现货黄金周二收盘暴涨285.10美元，涨幅6.12%，报4946.01美元/盎司。金价周一曾跌至接近四周低点 4402美元/盎司。 自2026年初以来，金价累计上涨约15%。 （来源：今日金价行情） 24K99讯 拥有40多年大宗商品与期货交易经验的资深交易员彼得·布兰特(Peter Brandt)表示，近期黄金的 回调正在创造一个颇具吸引力的长期买入机会。 (截图来源：Finbold) 他认为此次回调是对超买状态的一次"降温重置"，而非牛市行情的破位崩盘。 布兰特认为，4500美元/盎司下方的风险回报比最具吸引力，因为该区域汇聚了此前的阻力位、通道支 撑以及多条移动均线。尽管不排除更深的回撤、向4 ...

截至2月4日早间10时27分，伦敦现货黄金价格重上5000美元关口，报5060.77美元/盎司，将年内涨幅推高至17% 文｜《财经》记者 唐郡 研究员 顾欣宇 编辑 | 张威 历史性下跌后，国际金价重回5000美元关口。 2月3日以来，国际金价连续反弹。Wind（万得）数据显示，截至2月4日早间10时27分，伦敦现货黄金价格重上5000美元关口，报5060.77美元/盎司，将年 内涨幅推高至17%。 在此之前，国际金价连续三个交易日大跌。1月31日凌晨，伦敦现货黄金盘中跌幅一度扩至12%，触及 4682美元/盎司，经历了40多年以来最剧烈的单日跌 幅。 金价跌宕起伏，线下商场黄金柜台人气不减，银行实物金条屡告缺货。 2月3日上午9时25分，北京的气温尚未回到零度以上。寒风中，位于北京市西城区的菜市口百货公司门口已聚集了数十位等待进店的投资者。 时针指向9时30分，随着大门拉开，人群鱼贯而入，多数径直奔向四楼的投资黄金柜台。狭长的手扶梯上挤满了熙熙攘攘的人群。工作人员高声提示，"贴 一边走！慢一点，前头有老人！" 前述投资者正是为了前来购买黄金以及回收黄金。 （投资者在菜百首饰商场投资金条柜台前观看实时金价。摄 ...

Group 1 - The recent significant drop in gold and silver prices marks the largest decline in over 40 years, with gold prices falling from a historical high of $5626.8 to a low of $4423.2, a decrease of over 20%, and silver prices dropping from $121.785 to $71.2, a decline exceeding 40% [2] - As of February 3, international gold prices rebounded, with New York gold prices surpassing $4900 per ounce, reaching a peak of $4975.5 per ounce, reflecting a 6.11% increase [2] - Domestic gold retailers have adjusted their prices accordingly, with retail prices for gold jewelry exceeding 1450 yuan per gram, and specific brands like Chow Tai Fook and Chow Sang Sang quoting prices as high as 1495 yuan per gram [2] Group 2 - Due to the volatility in gold prices, many customers are opting to wait before making purchases, as illustrated by a customer who noted that the price of a similar gold bracelet has increased from over 5000 yuan to 12000 yuan [3] - To balance consumer interest and risk, several brands are innovating by introducing lightweight luxury gold items and offering trade-in options, which are attracting cautious buyers [3] - Analysts suggest that despite the recent price corrections, gold still holds long-term investment value, with expectations that prices could rise to $8000 per ounce in the next two years, advising investors to consider gold as part of a diversified asset allocation [3]