On Wednesday (October 23rd), the precious metals market experienced a remarkable shift in prices, with both spot gold and spot silver prices seeing significant declines, drawing widespread market attention.

According to the latest data, at the close of trading in New York, the price of spot gold fell by 1.21% compared to the previous trading day, closing at $2,715.82 per ounce. However, in the early morning session, spot gold had surged to a record high of $2,758.49 per ounce. The positive trend was short-lived as market sentiment rapidly shifted, causing spot gold prices to plummet, with a low of $2,708.83 at 23:24, approaching the key psychological threshold of $2,700.

Meanwhile, the fluctuations in the spot silver market were even more dramatic. For most of the day, spot silver was in a downward trend, briefly reaching a high of $34.9025 at the start of trading, which is a new high since late 2012. However, as market selling pressure continued to intensify, spot silver prices kept falling, closing down by 3.32% at $33.6990 per ounce, with the intraday low reaching $33.610.

In the futures market, COMEX gold and silver futures were also not spared. COMEX gold futures prices fell by 1.09%, closing at $2,729.70 per ounce, having reached a high of $2,772.60 during the day before quickly retreating. COMEX silver futures were in a downtrend for most of the day, closing down by 3.28% at $33.890 per ounce.

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Additionally, COMEX copper futures were affected by market sentiment, with prices falling by 1.08% to $4.3330 per pound.

Analysts point out that the sharp fluctuations in the precious metals market may be due to the combined effects of multiple factors. Global economic uncertainty, geopolitical tensions, and changes in investor risk appetite can all have a significant impact on precious metals prices.

Looking ahead, the trajectory of the precious metals market remains uncertain. Investors need to closely monitor global economic conditions, geopolitical situations, and changes in market sentiment to make rational investment decisions. At the same time, they must also remain vigilant to guard against potential market risks and volatility.