黄金在连涨9周后终于迎来喘息。 避险情绪短暂退烧 金瑞期货分析称，特朗普逐步释放的关税缓和信号及对多项产品的关税豁免，缓解了市场对贸易冲突升 级的担忧，全球风险偏好迅速回暖，资金从黄金、白银等避险资产中撤离。 "周五贵金属集体跳水的导火索或许是白银。"一位外资期货交易员向第一财经表示，市场对白银的抛售 带崩银价，跌势也迅速传导至黄金。芝商所（CME）与上期所接连上调白银和黄金的保证金，部分多 头被迫减仓。 10月17日上期所发布通知，自2025年10月21日（星期二）收盘结算时起，黄金、白银期货合约的涨跌停 板幅度调整为14%，套保持仓交易保证金比例调整为15%，一般持仓交易保证金比例调整为16%。 10月20日，沪银调整幅度更为显著，主力合约下跌3.99%，收报11742元/千克。 国信期货补充分析称，纽约COMEX库存白银大幅流出，伦敦现货白银租赁利率回落，显示现货紧张边 际缓解，也为空头提供了"讲故事"的空间。不过，该机构强调，地缘不确定性仍可能随时刺激避险买需 为金价提供支撑。 九周连涨中断，是短线回撤还是趋势反转？ 受周末国际市场金价急挫152美元/盎司拖累，沪金主力周一低开，从千元关口直线回落，盘 ...

Core Viewpoint - After nine consecutive weeks of rising gold prices, a significant drop occurred, with international gold prices plunging by $152 per ounce, leading to a sharp decline in domestic gold prices [1][2]. Market Performance - As of October 20, the main Shanghai gold contract closed at 970 yuan, reflecting a daily decline of 1.63%, while the main silver contract fell by 3.99% [2]. - The rapid shift from a "hot" to a "frozen" market for precious metals was influenced by easing geopolitical tensions, resulting in profit-taking and market adjustments [2][3]. Investor Sentiment - The easing of trade conflict concerns, indicated by signals from the Trump administration regarding tariff relaxations, has led to a resurgence in global risk appetite, prompting investors to withdraw from safe-haven assets like gold and silver [3]. - Some investors, who missed the recent price surge, view the current price drop as an opportunity to buy in again, while others are taking profits amid the volatility [6][7][8]. Inventory and Demand - Long-term funds continue to accumulate gold, with SPDR Gold ETF holdings increasing by 30.05 tons to 1,047.21 tons, and iShares Silver ETF holdings rising by 53.64 tons to 15,497.4 tons [9]. - Despite short-term fluctuations, the overall inventory levels for gold and silver remain tight, indicating sustained interest from central banks and long-term investors [9]. Regulatory Actions - Recent volatility in gold prices has prompted exchanges and banks to issue risk warnings, advising investors to manage their positions carefully and invest rationally [10][11].

黄金在连涨9周后终于迎来喘息。 受周末国际市场金价急挫152美元/盎司拖累，沪金主力周一低开，从千元关口直线回落，盘中最低触及 960元/克。 截至10月20日收盘，沪金主力合约报970元，日内跌幅1.63%，沪银主力合约收跌3.99%， 金价"过热"快速切换至"急冻"的模式，宏观面上，随着地缘政治出现缓和消息，贵金属市场也出现快速 调整和获利了结情绪。不过有机构人士认为，这只是对短线超买的修正，而非趋势反转。 南华期货贵金属新能源研究组负责人夏莹莹对第一财经分析称，周末国际贵金属价格冲高回落，因贸易 关税担忧缓和，市场风险偏好回升，多头获利了结。尽管从中长期维度看，央行购金与投资需求增长仍 将助推贵金属价格重心继续上抬，但短期交易型与事件型冲击下的加速上行，投资者仍需保持警惕心 理，短线调整压力亦有所显现。 避险情绪短暂退烧 金瑞期货分析称，特朗普逐步释放的关税缓和信号及对多项产品的关税豁免，缓解了市场对贸易冲突升 级的担忧，全球风险偏好迅速回暖，资金从黄金、白银等避险资产中撤离。 "周五贵金属集体跳水的导火索或许是白银。"一位外资期货交易员向第一财经表示，市场对白银的抛售 带崩银价，跌势也迅速传导至黄金。 ...

Core Viewpoint - The surge in gold prices has led to an increase in fraudulent schemes, with various cases of scams reported as investors seek to capitalize on the rising market [1][2][4]. Group 1: Gold Price Surge and Investor Behavior - As of October 17, the London spot gold price surpassed $4,350 per ounce, marking a year-to-date increase of over 66% [1]. - The rising gold prices have heightened investor enthusiasm, which has been exploited by illegal actors to set up scams [2][4]. Group 2: Types of Scams - Three prevalent types of scams identified include gold custody scams, rental rebate scams, and virtual investment scams [6][7]. - Gold custody scams involve jewelry stores enticing consumers to store gold with them, promising high returns, but often lack the necessary regulatory qualifications [6]. - Rental rebate scams lure consumers into leasing gold jewelry with promises of fixed rental returns, but these are typically Ponzi schemes [6]. - Virtual investment scams utilize fake trading platforms to promise high returns, manipulating data to create a false sense of profitability [7]. Group 3: Government Warnings and Legal Actions - Multiple local governments have issued warnings about the risks associated with gold investments, highlighting the need for public vigilance against high-yield traps [2][4]. - A notable case involved a company in Qingdao that illegally raised over 4 billion yuan through fraudulent gold investment schemes, resulting in significant losses for investors [9]. Group 4: Guidelines for Investors - Regulatory bodies have provided guidelines to help the public avoid scams, emphasizing the importance of verifying institutional qualifications and using legitimate investment channels [11]. - Legitimate gold investment options include purchasing physical gold from authorized dealers, investing in gold accumulation products through banks, and trading gold ETFs or futures through licensed firms [11].