Core Viewpoint - The recent volatility in gold prices has led to significant losses for bullish investors, with prices dropping below $4000 and $3900 per ounce, causing a negative sentiment across the precious metals sector in Hong Kong and A-shares [2][6][8]. Market Reaction - In the Hong Kong market, notable declines were observed in companies such as China Silver Group, which fell nearly 5%, and others like Zhaojin Mining and Zijin Mining, which dropped over 3% [2][3]. - In the A-share market, companies like Zhaojin Gold and Shandong Gold also experienced declines exceeding 2% [2][4]. Price Movement - Gold prices fell by 3.05% in the U.S. market, breaking through the $3990 mark, and further declined to below $3980 in the Asian market [2][6]. - The price of gold increased from $3960 on October 10 to $4161 on October 22, marking a rise of $200 or nearly 5% before the recent downturn [12]. Causes of Price Decline - The decline in gold prices is attributed to a combination of factors, including a rise in risk appetite that reduced demand for safe-haven assets and a wave of profit-taking following a period of significant price increases [5][8][10]. - Recent progress in U.S.-China trade negotiations has also diminished the geopolitical risks that previously supported gold prices [8][10]. Market Sentiment - Analysts are divided on the future of gold prices, with some, like JPMorgan, remaining bullish, viewing the recent pullback as a consolidation rather than a trend reversal [14]. - Conversely, cautious analysts, such as those from Capital Economics, predict further declines, with expectations that gold prices could drop to $3500 per ounce by the end of next year, representing a potential decrease of over 12% from current levels [15][16].

（原标题：崩了！黄金、白银！） 【导读】黄金白银暴跌 中国基金报记者 泰勒 大家好，今晚冰火两重天！股市暴涨，避险资产黄金、白 银暴跌！ 一起看看发生了什么事情。 10月27日晚间，现货黄金价格暴跌超3%，跌破4000美元、3900美 元关口，现货白银价格暴跌约5%。 有分析指出，因中美贸易协议取得进展削弱了避险需求。 此前一周，由于担忧涨势过快，金价的迅猛上行戛然而止。随着特朗普赴亚洲展开一系列外交活动，中 美贸易谈判之后取得积极进展。或将缓解此前支撑金价上行的一些经济风险和地缘政治紧张局面。 目前。近千名专业黄金交易员、经纪人和炼厂代表齐聚日本京都，参加由伦敦金银市场协会（LBMA） 主办的会议。此次年会自周日开幕，出席人数创纪录，黄金交易人才的争夺日益激烈。 世界黄金协会市场策略师John Reade在LBMA会议上表示，央行的买入需求已不如此前强劲，更深的回 调或受到专业交易员欢迎。他援引会场交流称，每盎司3500美元这一水平"对黄金市场将是健康的，因 为这仍是一个极高的价格"。 此外，菲律宾央行一位政策制定者表示，随着避险需求减弱、金价预计将进一步从历史高位回落，菲律 宾央行应当出售部分"过量"的黄 ...