#贵金属领涨 🔍 Why is there a "leading rally" illusion?

The "leading rally" signals you see may stem from the following two events quickly digested by the market:

Overnight foreign market stimulation: Due to geopolitical tensions (U.S.-Iran friction), overnight COMEX gold futures indeed rose about 2.3%, which caused A-shares gold stocks to open higher this morning. However, subsequent profit-taking by funds led to a decline in stock prices.

Intraday surge: The sector's highest intraday increase was close to 1%, but it failed to hold, and in the afternoon, it turned downward along with the plunge in international gold prices.

🌍 International Gold Price Fluctuations

Today, international spot gold quickly plunged after reaching $4,540, breaking below $4,430, with an intraday shift from gains to losses of over 1.5%. This sharp volatility directly suppressed the profitability expectations of A-share mining companies, leading to a sector correction.

💡 Core Logic and Risks

Rationale for rise: Geopolitical risk aversion (Middle East situation) + global central bank gold purchases (strategic allocation) are long-term supports.

Downward pressure: The expectation that the Federal Reserve will maintain high interest rates (Goldman Sachs predicts only one rate cut this year) increases the opportunity cost of holding gold, limiting the upward space for gold prices.

Recommendation: Currently, precious metals are in a high-volatility oscillation period, with rapid switches between gains and losses within a single day. Do not chase highs based solely on early morning signals.