Core Viewpoint - The recent surge in gold prices has faced a significant decline, with international gold prices dropping below $3,150, marking a decrease of over 10% from last month's peak of $3,500 [1][3]. Price Movement - As of May 15, COMEX gold futures were reported at $3,147.9 per ounce, down 1.27%, while spot gold was at $3,145.51 per ounce, down 1.01% [3]. - Domestic gold prices have also fallen, with major brands like Chow Tai Fook and Chow Sang Sang seeing prices drop to around 976 CNY per gram, a decrease of 64 to 65 CNY compared to the previous week [3]. Investor Sentiment - Many investors have expressed frustration over losses, with some reporting significant declines in the value of their gold investments, including a case where an individual lost over 7,000 CNY on an 80,000 CNY investment [4][7]. - The perception of gold as a safe-haven asset is being challenged by recent price volatility influenced by market sentiment, monetary policy, and geopolitical factors [7]. Risk Management - Several banks, including China Construction Bank and Industrial Bank, have issued warnings regarding the risks of using credit cards for gold trading, emphasizing the potential for significant financial losses and legal issues [7]. - Analysts suggest that investors should be cautious about leveraging their investments in gold, recommending a conservative approach of allocating 10% to 30% of total assets for long-term investments [7].

据媒体报道，甚至还有人贷款买黄金。有人分享了自己的贷款80万元买黄金的经历。据其表述，其成本 价高达830元。从持仓价格的830元到758元的价格，不算贷款利息、回收差价等，每克就已经跌掉了72 元，80万元投资的损失在7万元左右。 周三，国际金价进一步下挫。纽约商品交易所3个月期金时隔一个月再次失守3200美元关口。截至收 盘，金价已从上个月的3500美元高点下跌了9%。 不少网友发帖表示自己"亏麻了"，求支招。 有人贷款80万元买黄金已亏7万元 业内人士提醒风险 今年随着黄金价格一路上涨，大量投资者、消费者通过各种途径买入黄金。今年一季度，我国居民买入 黄金基金规模增长49%；人们买入金条和金币金额同比增长30%；金银珠宝零售额同比增长11%。 业内人士提醒，信贷资金、信用卡套现"炒金"不仅违反合约，还可能因金价波动导致"本金亏损+高额利 息"双重压力，甚至涉及洗钱、信用卡诈骗等刑事风险。因此建议投资者在进行黄金投资时，一定要遵 守相关法律法规和银行规定，选择正规的投资渠道和方式，切勿盲目跟风或听信小道消息，以免遭受不 必要的损失。 就当下的黄金投资决策而言，世界黄金协会中国区CEO王立新建议，"不要盲目 ...

国际金价又下跌了，国内金饰价格也应声下跌。 北京时间5月15日，现货黄金回落至3140美元/盎司下方，COMEX黄金期货主力也跌破3150美元/盎司， 双双创逾一个月来低位。 截至当日12:54，现货黄金日内跌1.25%，COMEX黄金期货主力也跌去1.22%。 中信证券认为，在全球经济不确定性加剧、地缘政治风险升温背景下，黄金避险保值属性凸显。中信证 券具体分析指出，金价自2025年4月22日创下历史最高收盘价826元/克以来，截至5月12日回调超8%。 消费者在近一年已形成稳定的金价看涨预期，当前金价表现将通过金融属性和商品属性拉动黄金首饰消 费量的提升。同时，进入2025Q2，低基数效应将显现：预计2025Q2我国限额以上（年主营业务收入500 万元及以上的零售业企业）金银珠宝零售额同比-4.0%，Q3为-7.7%，Q4为-0.5%。 面对金价波动，投资者应如何应对？ 工信部信息通信经济专家委员会委员盘和林提醒投资者，按当前金价表现，黄金是一种投机品而不是投 资品，尤其不适合长期投资。黄金价格波动存在明显的周期性，一旦黄金上涨，那就是跨度巨大的；一 旦黄金周期结束，那么金价下跌也将是持续的。因此，投资者 ...

周三，国际金价进一步下挫，因商场对交易协议的达观心情日益高涨，这很大程度上缓解了更深层次经济的担忧，抵消了提振避险需求的要 素。纽约产品交易所3个月期金时隔一个月再次失守3200美元关口。 与此同时，上海期货交易所的黄金期货交易量在4月也飙升至前史新高，并在5月初坚持高位。我国人民银行陈述称，4月份接连第六个月购买 黄金，使其黄金储藏增加2.2吨，目前为2295吨，占储藏财物总额的6.8%。 在高涨的需求推进下，上月上海黄金交易所实物交割153吨黄金，同比增长27%。批发黄金需求的改善也反映在黄金价格溢价的上升上，4月份 的均匀溢价为37美元/盎司，远高于3月份的2美元/盎司。 展望未来，国际黄金协会称，劳动节假期后我国黄金首饰的消费量将坚持温和，尽管最近价格调整可能会供给支撑黄金的出资需求，但心情受 制于获利回吐、价格区间波动和美中交易紧张局势降温。 经纪商TDS高级大宗产品策略师加里（Daniel Ghali）以为，周三金价调整首要由于我国ETF活动的放平缓地缘政治达观心情，但全球央行的潜 在支撑和组织惯性使双向危险并不对称。 远景怎么 截至收盘，金价已从上个月的3500美元高点下跌了9%。 我国4月黄金 ...

Core Viewpoint - Gold prices have experienced significant fluctuations, with recent declines leading to increased caution among investors and a shift in consumer behavior towards gold products [1][5][6]. Group 1: Gold Price Trends - As of May 15, spot gold prices fell below $3160 per ounce, marking a new low since April 10 [1]. - COMEX gold prices decreased by 1% [3]. - From September 2022 to the present, international gold prices peaked above $3500 per ounce, followed by a period of high volatility [6]. Group 2: Consumer Behavior and Market Impact - Domestic gold jewelry prices have also declined, with brands like Chow Sang Sang reducing their prices from 992 yuan to 975 yuan per gram [5]. - There has been a noticeable drop in gold sales since mid-March, with many consumers opting to observe rather than purchase due to price volatility [6]. - The gold jewelry market is undergoing a shake-up, with many factories shutting down as major brands cut orders [6]. Group 3: Investment Trends - Despite the decline in gold jewelry sales, the market for gold bars and coins is thriving, with consumption expected to reach 373.13 tons in 2024, a 24.54% increase year-on-year [8]. - In the first quarter of 2025, gold bar and coin consumption further increased to 138.018 tons, reflecting a 29.81% year-on-year growth [9]. - Investors are increasingly choosing to liquidate their gold holdings to secure profits amid market uncertainties [10]. Group 4: Investment Strategies and Recommendations - Experts suggest that while the long-term outlook for gold remains positive, investors should be cautious about leveraging and participating in gold futures [11]. - Recommendations for ordinary investors include allocating 10% to 30% of total assets to gold investments through a systematic investment approach [11]. - Both physical and virtual gold investments have their merits, with physical gold being suitable for long-term holders and virtual gold offering better liquidity for short-term traders [12].

转载来源：中国金融信息网 文章来源：新华财经 新华财经北京5月15日电（吴郑思）隔夜国际金价再度大幅下挫超2%，并在周四（5月15日）亚洲交易 时段再度走低约1%，再度刷新逾一个月新低。避险情绪减退、获利了结等一系列利空打压下，市场对 金价短期延续调整的预期较强。以下是部分机构观点： 德邦证券：金价持续震荡，长期依旧看好 国金期货：避险情绪大幅消退后金价开始震荡 或还需持续数周 Kitco Metals：获利了结和避险减退对短期金价不利 机构具体分析如下： 德邦证券研报指出，伴随贸易问题的逐步缓和，黄金的避险情绪出现一定退坡，黄金价格近期持续震 荡。但依旧对黄金持续看好：在当前贸易阴云飘忽不定的情况下，美元全球地位逐步动摇的长期逻辑正 在加速落地，有望对金价带来持久的推动。美联储降息周期逐步开启，国内货币财政政策双双发力，全 面看好有色金属板块投资机会，贵金属有望长牛，内需相关品种弹性或更大。 中粮期货：金价短期下跌尚未结束 长期上涨并未改变 道富环球顾问：通胀上升、经济增长放缓和美元走软的可能性对黄金有利 Kitco Metals的分析师Jim Wyckoff在日点评中写道，市场多头获利回吐打压隔夜金价触及 ...

Group 1 - The sudden drop in gold prices has led to significant losses for investors, with many expressing their frustrations on social media as the value of their gold investments plummeted [2][3][5] - Gold, once seen as a safe haven asset, has experienced a dramatic shift in perception due to a decrease in geopolitical risks and positive signals from US-China trade talks, which have redirected investor interest towards riskier assets [3][4] - The concentration of profit-taking among investors has exacerbated the decline in gold prices, with automated trading programs contributing to the sell-off as they triggered sell orders when prices fell below certain thresholds [4][5] Group 2 - Despite the current downturn, experts maintain a long-term positive outlook for gold, citing its enduring safe-haven and monetary properties, supported by continued central bank purchases [5][6] - The recent volatility in gold prices serves as a reminder of the inherent risks in gold investment, highlighting the importance of a rational approach to investing rather than chasing short-term gains [5][6][8] - Investors are advised to adopt a long-term perspective, with recommendations to allocate 10%-15% of their portfolios to gold, and to focus on their investment objectives, whether for short-term trading or long-term preservation of value [6][8]

今年最热门交易遭遇"寒流"。 周三，国际金价进一步下挫，因市场对贸易协议的乐观情绪日益高涨，这很大程度上缓解了更深层次经济的担 忧，抵消了提振避险需求的因素。纽约商品交易所3个月期金时隔一个月再次失守3200美元关口。 截至收盘，金价已从上个月的3500美元高点下跌了9%。 中国4月黄金交易热潮 世界黄金协会14日更新报告显示，4月全球实物黄金ETF强势流入约110亿美元，在金价上涨和基金持续流入的 双重推动下，全球黄金ETF资产管理总规模4月末达3790亿美元。亚洲地区4月大幅流入约73亿美元，流入创新 高，为历年之最。中国市场作为主要驱动力，不仅连续第三个月实现流入，更是刷新了该区域的单月流入量纪 录。 报告称，4月中国黄金ETF增加了490亿元人民币，是有史以来最强劲的月份。总资产管理规模（AUM）和持仓 量均飙升峰值。但值得注意的是，5月初流入量有所放缓。 在高涨的需求推动下，上月上海黄金交易所实物交割153吨黄金，同比增长27%。批发黄金需求的改善也反映在 黄金价格溢价的上升上，4月份的平均溢价为37美元/盎司，远高于3月份的2美元/盎司。 展望未来，世界黄金协会称，劳动节假期后中国黄金首饰的消费量 ...

此次好市多进一步收紧金条购买限制，反映了当前市场对实物黄金的强烈需求，以及零售商在平衡供需、维护公平交易环境和提升会员体验方面所面临的 挑战。未来，好市多可能会根据市场变化和会员反馈，对其黄金销售策略进行进一步的调整。 好市多方面表示，即使在先前已实施限购措施的情况下，其在线平台的金条仍然经常在"短短几小时内"便被抢购一空，可见市场需求的强劲。 除了国际金价持续上涨（上周黄金价格一度攀升至每盎司3400美元以上）这一主要因素外，好市多作为一家享有盛誉且值得信赖的零售商，其品牌效应也 吸引了大量新手投资者加入黄金购买的行列。一些评论甚至将好市多视为黄金投资的"入门级"平台。 在社交媒体平台Reddit上的"好市多贵金属"论坛中，一些用户对好市多加强黄金交易限制的举措表示赞同。他们认为，更严格的限购能够有效防止自动化 程序（机器人）在短时间内将库存一扫而空，从而让更多普通会员有机会购买到金条。也有其他用户指出，黄金交易对好市多而言可能并非主要的利润来 源，其更重要的作用在于吸引和奖励会员。因此，采取措施让更多会员能够购买到热门的金条产品，也是一项合理的会员服务策略。 美国好市多的金条太受欢迎，让该公司不得不祭出更 ...

Core Viewpoint - Recent global risk aversion has decreased, leading to significant fluctuations in international gold prices, with key resistance at $3250 per ounce and a drop below $3230 per ounce observed [1][2]. Market Trends - On May 14, the London spot gold price fell to below $3230 per ounce, reaching a low of $3221.45 per ounce, while COMEX gold futures also dropped below $3230 per ounce [2]. - Domestic jewelry gold prices have also declined, with prices for gold jewelry falling below 1000 yuan per gram, specifically to 992 yuan per gram for Zhou Shiliu and 980 yuan per gram for Caibai [2]. Investment Flows - In April, global physical gold ETFs saw inflows of $11 billion, with Asia accounting for 65% of the total inflow, primarily driven by the Chinese market, which saw inflows surpassing the total for the first quarter of 2025 [3]. Trading Activity - April recorded an average daily trading volume of $441 billion in gold markets, a 48% increase month-on-month, with the London Bullion Market Association (LBMA) seeing a 31% increase in off-exchange trading volume [4]. - As of the end of April, net long positions in COMEX gold futures decreased by 30% to 566 tons, with fund managers' net long positions dropping to 360 tons, a 35% decline from the average level in 2024 [4]. Short-term Outlook - Market sentiment is cautious regarding short-term gold price movements, with expectations of a potential adjustment as the U.S. Federal Reserve maintains a hawkish stance [4]. - Analysts predict that while short-term pressures exist, the risk of U.S. economic recession may lead to a shift towards looser monetary policy in the second half of the year, supporting a medium-term upward trend in gold prices [4][5]. Long-term Projections - Institutions remain optimistic about the long-term outlook for gold prices, with Goldman Sachs maintaining a year-end target of $3700 per ounce and predictions from other analysts suggesting potential increases to $4000 per ounce [5]. - Factors such as declining confidence in U.S. assets, concerns over economic recession, and ongoing geopolitical tensions are expected to support gold prices in the long run [5].