Market Risk Aversion Eases, Gold Prices Drop; Jiu Fen's Gold Loses 25 Million Yuan
U.S. President Trump stated on the 22nd that he has no intention of firing Federal Reserve Chairman Powell, alleviating concerns about the Fed's independence. Additionally, news about easing U.S.-China trade tensions has reduced market risk aversion, causing gold prices, which had been rising recently, to drop by 2% on the 23rd. The excessive supply concern further dragged prices down, with local gold prices in Taiwan falling below 14,000 NT dollars, declining for two consecutive days. As of the 24th, the price has reached 13,770 NT dollars, a new weekly low, resulting in a loss of 25 million Yuan for Jiu Fen's gold, which was valued at 832 million Yuan.
The international gold price had previously broken the 3,500 USD mark but saw a sudden drop of 2.6% during trading on the 23rd, later narrowing to 2%. On the 24th, gold was priced at 3324.68 USD per ounce. Analysts expect potential support for gold prices in the coming months despite current pressures.
