Core Viewpoint - The international gold and silver prices experienced significant fluctuations on the 6th, reflecting increased volatility in the precious metals market due to changing liquidity expectations and concentrated speculative funds [1] Price Movements - On the 6th, spot gold prices fell over 2% at one point, then rebounded to surpass $4,950 per ounce, with an increase of nearly 4% [1] - Spot silver prices dropped nearly 10% at one point, later rebounding to exceed $77 per ounce, with a rise of over 9% [1] Year-to-Date Performance - Since the beginning of the year, international gold prices have increased by nearly 15% [1] - International silver prices have risen by over 8% [1] Market Analysis - Analysts suggest that the recent fluctuations in gold and silver prices are a result of both technical adjustments and changes in policy expectations, indicating a shift in the investment logic that previously supported these prices [1]

Group 1 - International gold and silver prices rebounded on February 3, with gold rising over 2% to above $4700 per ounce and silver increasing nearly 4% to above $82 per ounce after significant declines [1] - Domestic futures market showed mixed results, with Shanghai gold futures experiencing a slight recovery but still down over 1%, while Shanghai silver futures opened lower after consecutive limit-downs, falling over 19% [1][2] - Analysts suggest that the recent price adjustments in gold and silver may be nearing an end, with expectations of a stabilization phase as the market awaits new positive drivers [2][3] Group 2 - The volatility characteristics of gold and silver differ, with silver experiencing a more significant price drop due to its higher previous gains and speculative trading behavior [3] - Historical data indicates that silver's volatility is generally higher than that of gold, which may lead to more extreme market reactions during price corrections [3] - From a long-term perspective, the current phase of adjustment in gold and silver does not alter the overall upward trend, providing a potential buying opportunity for long-term investors [3]