Core Viewpoint - International gold prices have reached a historic high, with COMEX gold surpassing $3,500 per ounce, leading to significant volatility in the market and raising concerns about speculative trading in options [1][2]. Market Dynamics - The Shanghai gold market has experienced a "doomsday wheel" effect, with the Shanghai Gold 2505 options contract seeing a dramatic increase in prices, including a 9,800% surge in a single day for a call option with a strike price of 888 yuan per gram [1][2]. - The implied volatility of gold options has surged to 37%, which is a 62% premium over historical averages, indicating heightened market speculation [2]. Regulatory Response - The Shanghai Gold Exchange has issued a notice urging members to enhance risk management and maintain market stability amid the recent price fluctuations [3]. Retail Market Impact - The rise in gold prices has led to adjustments in minimum purchase amounts for gold accumulation products by several banks, including the Bank of China [3]. - Retail prices for gold jewelry have also increased, with brands like Chow Tai Fook and Luk Fook seeing prices exceed 1,080 yuan per gram [3]. Investment Sentiment - Despite the strong performance of gold, market participants have become accustomed to the rising prices, with many expressing optimism about future trends [3]. - Year-to-date, international gold prices have increased by over 30%, driven by ongoing global economic and political uncertainties [4].

22日，沪金2505期权合约上演了一场"末日轮"行情，行权价888元/克的认购合约单日最高暴涨9800%， 收盘涨幅达到4200%。此外，多张深度虚值认购合约价格暴涨。国信期货首席分析师顾冯达表示，要警 惕"末日轮"狂欢背后的炒作之风。以沪金2505购888合约为例，截至4月22日下午收盘，期货价格距行权 价尚有超过50元的鸿沟。历史数据显示，"末日轮"胜率不足5%，超过97%的虚值期权最终价值归零。 当前黄金期权隐含波动率飙升至37%，较历史均值溢价62%。参照2024年科创50期权暴跌案例，一旦地 缘风险缓和，波动率单日回落20%即可引发价格腰斩。 ...

4月22日，国际金价再创历史新高，COMEX黄金一度突破每盎司3500美元的重要整数关口。国内市场 方面，黄金价格持续大涨，更引发了期权市场"末日轮"效应。业内人士表示，市场面对如此多的不确定 性极难形成稳定预期，短期内黄金市场可能有较大波动，投资者应提高风险防范意识。 22日，沪金2505期权合约上演了一场"末日轮"行情，行权价888元/克的认购合约单日最高暴涨9800%， 收盘涨幅达到4200%。此外，多张深度虚值认购合约价格暴涨。 所谓"末日轮"，即期权临近到期时的行情。由于剩余时间不多，期权的时间价值会快速减少，价格会更 接近其内在价值。此时，标的资产价格的小幅波动可能引发期权价格几十倍甚至上百倍的涨跌，类 似"彩票效应"。 最近，黄金市场的波动也引起监管层面的关注。上海黄金交易所于4月21日发布《关于继续做好近期市 场风险控制工作的通知》。上金所表示，近期贵金属价格波动剧烈，请各会员提高风险防范意识，继续 做好风险应急预案，维护市场平稳运行。同时，提示投资者做好风险防范工作，合理控制仓位，理性投 资。 随着金价持续上涨，多家银行调整积存金产品的起购金额。就在22日，中国银行宣布上调积存金产品起 购金 ...