On the afternoon of October 21, 2023, the international precious metals market experienced a sudden and sharp fluctuation. The price of gold showed a significant correction, with the London spot gold price falling nearly 2%, reaching $4269.526 per ounce; gold futures on the Chicago Mercantile Exchange (COMEX) also fell by 1.61%, quoted at $4289.2 per ounce.

The decline in the silver market is even more severe, exceeding 6% at one point. As of the time of reporting, the spot price of silver in London has fallen by 4.38%, quoted at $50.094 per ounce; COMEX silver futures prices dropped by 4.77%, down to $48.935 per ounce.

This wave of fall is not limited to the gold and silver markets; the entire precious metals sector has been affected. The spot price of platinum has fallen nearly 3%, while NYMEX platinum futures have declined by nearly 4%, with both dropping over 5% at one point during trading. Palladium has also not been spared, with a spot price drop of 3.86% and NYMEX palladium futures dropping by 4.7%, with the maximum decline during trading even exceeding 6%.

It is worth noting that just the day before, due to the market's general expectation that the Federal Reserve might further cut interest rates, along with a surge in safe-haven demand, gold prices reached a new high. Analysts believe that today's pullback is primarily due to investors choosing to take profits.

The recent collective pullback in the precious metals market not only reflects a change in short-term investment sentiment but also highlights the volatility of the financial markets. Investors need to closely monitor various factors such as the global economic situation, monetary policy trends, and geopolitical issues when making decisions to better grasp market dynamics.