Fed estimates 3 more rate hikes, gold prices record longest decline in 54 years

FTV News / Tang Shiqing and Chen Shenghan reported in Taipei

The market expects the US Federal Reserve to raise interest rates by another 3 yards this week, and because interest rate hikes have strengthened the dollar, gold prices have fallen for seven consecutive months, setting a record for the longest losing streak in 54 years. The latest gold price was 1,648 yuan per ounce, However, the price of gold in Taiwan has not changed much. Experts pointed out that the price of gold in money buildings remained high due to the exchange rate of the US dollar. .

Zheng Rufang, the owner of a money building, said, “This gold nugget was 1.68 million at the beginning of September, and the current price is 1.71 million. There were many people who wanted to invest before, but they wanted to wait until the the price of gold dropped to 1.6 million, but it didn’t work, because the exchange rate depreciated, so everyone is still there. watching.”

Holding a 1kg gold nugget, the money building businessman frowns. The wedding season at the end of the year, together with the strong increase in interest rates by the US Federal Reserve, has made the international gold price record the longest losing streak in 54 years ‘Gold, not falling but rising, makes people afraid to start.

Zheng Rufang, the owner of a silver building, said, “The exchange rate of the US dollar has gone from 32 yuan to 33 yuan, and the price of gold has also moved up. The previous gold price and the price of the silver building will fall sharply on 6,400 and 6,500 yuan, and now it has run to 6,600 yuan.”

The strengthening of the US dollar led to a fall in the price of gold, the international price of gold fell below US$1,650 last week, and reached US$1,648 per ounce on November 1. However, look at the price of the silver building, because the Taiwan Dollar has fallen so much with 18.% Now go to the money building to buy gold, 1 cent The selling price of gold fell to 6,730 yuan, which is more expensive than the 6,470 yuan in early September, which the newlyweds who want to get married have a hangover.

Jiang Haonong, associate director of the Global Strategy Research Department of the Investment Advisory Bank, said, “If the price of gold looks to next year, it may challenge the US$1,800 and US$1,900. It is expected that cuts in interest rates on the Fed side in the following year, which will lead to the trend of gold.”

The market expects the US to raise interest rates by 3 yards in November and another 2-3 yards in December. Under such pressure, the international gold price will fluctuate between $1,600 and $1,700 by the end per year, but if the economy weakens next year, the Federal Reserve will If interest rates are likely to be cut, gold prices are expected to rebound.

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