"ทิศทางอัตราดอกเบี้ยของเฟดส่งผลกระทบต่อราคาทองคำอย่างไร

<p>Gold pays no coupon and no dividend. Its opportunity cost is therefore the real (inflation-adjusted) yield you give up by holding it instead of a government bond.</p><p>When markets expect rate cuts, real yields tend to fall, and the opportunity cost of holding gold falls with them — historically a tailwind for the price. The reverse is also true.</p><h2>The transmission chain</h2><ol><li>Fed signals a slower or faster path for policy rates</li><li>Real yields on inflation-protected bonds reprice</li><li>The US dollar adjusts, changing gold in every other currency</li><li>Positioning in futures and ETFs amplifies the move</li></ol><p>For a Thai investor, add one more link: the baht. A weaker baht raises the local price of gold even when the dollar price is flat.</p>