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 ...

金价巨震。 北京时间10月22日晚间，国际金价再度大跌，截至发稿，伦敦金现跌2.46%至4023美元/盎司。 | 伦敦金现 | 4023.260 | -101.510 | -2.46% | | --- | --- | --- | --- | | 伦敦银现 | 47.775 | -0.887 | -1.82% | | COMEX黄金 | 4035.1 d | -74.0 | -1.80% | | COMEX白银 | 47.420 d | -0.284 | -0.60% | 此前一个交易日，国际金价出现大跌行情，当天伦敦金现价格暴跌超过5%，单日每盎司下跌超过200美元，盘中价格一度跌破4100美元/盎司。 华西证券（002926）指出，近期支撑贵金属等避险资产走强的宏观风险因素正显现出缓和迹象：一是中美关系出现边际改善信号；二是俄乌冲突方面，法 国等欧洲多国领导人联合呼吁以现有战线为基础启动停火谈判，地缘紧张局势有所降温；三是伦敦白银租赁利率显著回落，显示前期极端逼仓情绪部分缓 解。若上述风险持续缓和，短期内或面临一定回调压力。 光大期货贵金属资深研究员展大鹏表示，俄乌局势出现重大转折，是黄金大跌的直接原因。乌 ...

北京时间10月21日晚间 国际贵金属市场遭遇剧烈震荡 现货黄金价格单日暴跌5.3% 创下2020年8月以来最大跌幅 白银价格也同步下挫近7%。 今天 "金价银价急跌"话题冲上热搜 在社交媒体上，不少买入黄金的网友心态"崩"了。 这场突如其来的暴跌背后 隐藏着怎样的市场逻辑？ 未来走势如何？ 预计黄金跟白银，长线还是维持上涨态势，一方面是美元在市场上受到信任性的下滑，然后导致避险资金主要流向了黄金资产。另外一方面，是美联储降 息路径的确定性，使得流动性预期向好。白银，它的宏观面影响是跟黄金是类似的，但是白银本身也是一个工业金属，所以说它的基本面也会影响它的走 势，长期以来全球矿山资本支出的减少，使得白银产量在近几年并有并没有上升，而全球光伏产业的扩张，也使得白银的赤字也是愈发严重，进而推升了 白银价格。但是后续仍需要关注美国政府停摆终止的节点，也或许会造成白银跟黄金的一个小幅的回调，但长线仍然是看涨为主。 目前黄金价格的长期上涨趋势没有发生改变。这个阶段性的环境价格下跌主要是市场情绪方面影响，引发的技术性回调。市场风险点在于当下阶段黄金仍 处于绝对高位，投资者在做黄金投资时做好风险管理，避免因黄金的波动性风险造 ...

Core Viewpoint - The silver market has emerged as a significant player in the commodity sector, with prices soaring from around $30 to $52, marking a 70% increase in just over six months, outpacing gold during the same period [1][3]. Market Dynamics - Initially overlooked, silver began its upward trajectory in April 2025, with prices breaking the $30 mark, while attention was primarily focused on the Federal Reserve's interest rate decisions and gold's performance [3][5]. - By June, there was a noticeable acceleration in ETF inflows, and physical silver became increasingly scarce, leading to a situation where ordinary silver bars were sold at a 20% premium due to high demand [5][9]. Investment Behavior - Unlike previous trends where investors favored "paper silver," there has been a shift towards acquiring physical silver, resulting in supply shortages and rising premiums [9][11]. - Institutional investors have been gradually accumulating silver, indicating a more strategic approach rather than speculative trading [7][11]. Supporting Factors - Geopolitical uncertainties and global monetary policy fluctuations have driven investors to seek safe-haven assets, with silver gaining traction alongside gold [11][13]. - The Federal Reserve's interest rate cuts have reduced the opportunity cost of holding silver, making it a more attractive investment [13][15]. - Silver's industrial applications, particularly in sectors like semiconductors and photovoltaics, have created genuine demand, further supporting its price increase [15][17]. Supply and Demand - The "gold-silver ratio" has prompted investors to view silver as undervalued, leading to increased allocations in investment portfolios [17][19]. - The transition from purchasing paper silver to physical silver has resulted in supply constraints, exacerbating price increases due to panic buying [19][21]. Market Risks - Silver's market capitalization is significantly lower than gold's, making it more susceptible to price volatility from relatively small capital movements [21][23]. - The dual nature of silver as both an industrial and speculative asset means its price is closely tied to the performance of downstream industries, which could lead to sharp declines if demand weakens [21][25]. Future Outlook - Monitoring supply levels in the London market and industrial demand will be crucial for predicting silver's price stability [23][25]. - Silver's price movements will likely continue to correlate with gold, influenced by broader economic factors such as U.S. tariffs and geopolitical tensions [23][25].

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 ...

智通财经记者 | 冯丽君 在金价不断攀升、黄金热度接连走高的2025年，保险公司获批入市黄金，部分积极投资黄金的险企如今 大概率已赚得"盆满钵满"。 今年以来，COMEX黄金期货今年累计上涨约50%；上海黄金交易所SGE黄金9999今年累计上涨约 54%，但近期黄金市场剧烈波动。 10月21日晚间，现货黄金跌破每盎司4200美元关口，创下近四年来最大跌幅，10月22日盘中一度逼近 4000美元关口。而就在两天前，COMEX黄金期货创下近4400美元/盎司的历史高价，达到4398美元/盎 司。 面对黄金巨震，险资作为中长期资金有什么态度？ 试点险企积极投资黄金 今年2月7日，国家金融监管总局发布《关于开展保险资金投资黄金业务试点的通知》（下称《通 知》），规定自发布之日起，10家试点保险公司可以中长期资产配置为目的，开展投资黄金业务试点。 在短期快速下调之后，3月25日至今，COMEX黄金期货涨幅仍超过30%。而2024年，五大上市险企（中 国人寿、中国平安、中国太保、中国人保、新华保险）总投资收益率均不足6%。 在2025年半年报中，中国平安提到上半年积极增加优质另类资产布局，并试点黄金投资业务，多元化拓 展 ...

Core Viewpoint - After reaching new highs, precious metal prices experienced a significant decline on October 22, 2025, with gold and silver prices dropping sharply from their recent peaks, indicating a potential market correction after a strong bullish trend [1][11]. Price Movements - As of October 22, 2025, the spot price of gold was 945.46 CNY per gram, reflecting an 8.41% increase from the beginning of the month (872.11 CNY per gram on October 1) but a 4.13% decrease from the previous day (986.21 CNY per gram on October 21) [3]. - The average price of silver on October 22, 2025, was 11,299.67 CNY per kilogram, up 3.76% from the start of the month (10,890.33 CNY per kilogram on October 1) but down 4.39% from the previous day (11,891 CNY per kilogram on October 21) [5]. Price Trends - Over the past year, both gold and silver exhibited a strong upward trend, with gold prices increasing by over 56.53% and silver by over 40.34%, indicating a robust bull market for precious metals [8]. - The initial phase (October 2024 - April 2025) saw both metals experiencing a steady rise, driven by global economic uncertainty and changing monetary policy expectations [9]. - The mid-phase (April 2025 - August 2025) featured gold stabilizing in a high range while silver began to catch up, supported by industrial demand [9]. - The latter phase (August 2025 - October 2025) saw both metals accelerating in price, influenced by geopolitical risks and expectations of monetary easing [9]. Market Drivers - Key macroeconomic factors driving precious metal prices include global economic uncertainty, inflation levels, and the monetary policy direction of major central banks [10]. - Geopolitical tensions and financial market volatility have heightened demand for gold as a safe-haven asset [10]. - Industrial demand for silver, particularly in sectors like renewable energy and electronics, has provided additional support for its price [10]. Recent Decline Factors - The significant drop in precious metal prices on October 22, 2025, was attributed to several factors: - Profit-taking and technical corrections following a period of rapid price increases, with gold experiencing its largest single-day drop since April 2013 [11]. - Easing geopolitical tensions, such as the ceasefire in the Israel-Palestine conflict, which reduced market risk aversion [12]. - A liquidity crisis in the financial system leading to forced selling of liquid assets, including gold [13]. - Fluctuations in the U.S. dollar index, with prior expectations of interest rate cuts already priced in, resulting in reduced buying interest in precious metals [13]. - Changes in market sentiment and holding structures, with a shift from optimism to caution leading to a concentrated liquidation of long positions [13].

10月21日晚，国际贵金属市场上演"惊魂一夜"，国际黄金市场在此前连创纪录高位后急剧下挫。现货黄 金一度暴跌超6%，创下自2013年4月以来最大单日跌幅，纽约商品交易所12月交割的黄金期货收跌 5.7%，报每盎司4109.10美元。此前一个交易日，金价刚创下4381美元的历史新高。 一名福建网友在网上发视频称："在暴跌之前，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。" 这"生动的一课"再次表明：黄金投资从来不是稳赚不赔的买卖。 很长一段时间，黄金市场的火爆程度超乎想象，成为街头巷尾热议的焦点。穿透价格波动的表象，厘清 涨势背后的核心逻辑，是理解资本市场变化的关键，更是引导公众理性投资的应有之义。 但是，长期逻辑的确定性，并不意味着短期走势的无风险性。 今年以来，国际现货黄金涨幅已超66%，从3000美元涨至4000美元仅用6个多月，这种过快的涨势本身 就蕴含着回调风险。从市场结构看，当前多头资金集中度显著提升，沪金主连的持仓结构显示，多头持 仓占比已处于近一年高位，市场拥挤度上升意味着一旦出现利空信号，很可能引发集中获利了结，加剧 价格波动。 可以肯定的是，这种"避险+宽松"的驱 ...

Core Viewpoint - The recent sharp decline in gold and silver prices has transformed them from safe-haven assets to risk assets, causing significant distress among investors [2][4]. Price Movements - On the 21st, international spot gold prices fell over 6%, dropping below $4,100 per ounce, marking the largest single-day decline in 12 years [2]. - International spot silver prices experienced a decline of over 8%, falling below $48 per ounce, which is the largest single-day drop since 2021 [2]. - Domestic gold retailers adjusted their prices, with notable decreases: - Yayi Gold's price dropped by 83 yuan to 1,211 yuan per gram - Lao Miao Gold decreased by 61 yuan to 1,229 yuan per gram - Other brands like Chow Tai Fook and Luk Fook saw a reduction of 57 yuan to 1,235 yuan per gram [2]. Market Sentiment and Future Outlook - Various institutions have differing views on the future of gold prices: - Citibank has shifted to a bearish outlook, setting a short-term target price of $4,000 per ounce, anticipating a period of consolidation in the coming weeks [6]. - Bridgewater's Hudson Attar suggests that the likelihood of gold prices declining is greater than the potential for further increases [6]. - Tim Waterer believes that as long as the upcoming U.S. Consumer Price Index (CPI) data does not show unexpected increases, there is still upward potential for gold [6]. - HSBC forecasts that gold's upward momentum may continue until 2026, driven by strong central bank purchases, ongoing fiscal concerns in the U.S., and expectations of further monetary easing, with a target price of $5,000 [6].

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 ...