{"id":53643,"date":"2026-09-02T10:57:42","date_gmt":"2026-09-02T10:57:42","guid":{"rendered":"https:\/\/www.vtmarkets.com\/ms-asia\/uncategorized\/the-fed-isnt-cutting-so-why-is-gold-rallying-anyway\/"},"modified":"2026-09-02T10:57:42","modified_gmt":"2026-09-02T10:57:42","slug":"the-fed-isnt-cutting-so-why-is-gold-rallying-anyway","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/ms-asia\/featured\/the-fed-isnt-cutting-so-why-is-gold-rallying-anyway\/","title":{"rendered":"Fed Tidak Menurunkan Kadar Faedah. Jadi Mengapa Harga Emas Tetap Melonjak?"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2026\/09\/img_v3_02155_2f49e442-1d24-4405-af0b-9055017edehu-1024x570.jpg\" alt=\"\" class=\"wp-image-66578\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Emas sejak dulu berkait rapat dengan dasar Rizab Persekutuan (Federal Reserve, \u201cFed\u201d). Apabila kadar faedah turun, kos peluang untuk memegang aset yang tidak membayar pulangan faedah seperti emas turut menurun. Kadar yang rendah juga biasanya melemahkan dolar AS dan menyokong permintaan terhadap logam berharga. Sebaliknya, kadar faedah yang lebih tinggi boleh menjadikan bon lebih menarik dan mengukuhkan dolar, lalu menekan harga emas.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Namun, hubungan itu kini semakin tidak semudah dulu. Emas baru-baru ini melonjak menghampiri AS$4,700 walaupun pelabur masih berdebat sama ada Fed boleh menaikkan kadar faedah lagi. Pencetus kali ini bukan Fed, tetapi Perbendaharaan AS (US Treasury), iaitu kementerian kewangan kerajaan AS yang mengurus hutang kerajaan dan aliran tunai.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Setiausaha Perbendaharaan, Scott Bessent, mengumumkan rancangan untuk sekurang-kurangnya menggandakan saiz pembelian balik (buyback) bagi beberapa bon Perbendaharaan jangka panjang. Menurut laporan CNBC, pegawai kanan Perbendaharaan turut menyatakan kerajaan berpotensi menggunakan sebahagian daripada hampir AS$1 trilion dalam Akaun Am Perbendaharaan (Treasury General Account, TGA) untuk membantu membiayai pembelian tersebut.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ini menimbulkan persoalan baharu kepada pedagang emas: <strong>bolehkah Perbendaharaan menurunkan hasil (yield) bon jangka panjang dan menyokong emas walaupun Fed mengekalkan kadar faedah yang tinggi?<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Perbendaharaan Menyasarkan Hasil Bon Jangka Panjang<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Cerita bermula di pasaran bon AS, apabila hasil bon jangka panjang meningkat dengan ketara. Hasil bon Perbendaharaan 30 tahun baru-baru ini mencecah 5.33%, hampir paras tertinggi dalam 19 tahun. \u201cHasil\u201d ialah pulangan faedah yang pelabur peroleh daripada bon; lazimnya, apabila harga bon naik, hasil turun, dan sebaliknya. Hasil jangka panjang yang tinggi menaikkan kos pinjaman kerajaan, serta mempengaruhi kadar pinjaman perumahan, kos pembiayaan syarikat dan penilaian aset dalam pasaran kewangan.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2026\/09\/codeOGQ2NjBhZTc2NDlhMWZlYjcwMTEzMzE2OWNkODg3YzdfZUM0bVZjSHJlc2dUUUpKUmRxMXVJUUxua1lnWnIxYURfVG9rZW46VVhMZ2JSb1Zyb29FYmF4ZTFrZ2xaY3hmZzNlXzE3ODgzMzk4NzA6MTc4ODM0MzQ3MF9WNAampadd_watermarktrueampscene_typeCCM.png\" alt=\"\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Perbendaharaan bertindak dengan meningkatkan pembelian bon kerajaan lama yang bertempoh panjang. Di bawah program yang diperluas, saiz maksimum pembelian balik untuk menyokong kecairan (liquidity-support buybacks, iaitu langkah membeli semula bon yang kurang mudah diniagakan supaya urus niaga pasaran lebih lancar) bagi tempoh matang 10\u201320 tahun dan 20\u201330 tahun akan naik daripada AS$2 bilion kepada sekurang-kurangnya AS$4 bilion bagi setiap operasi, dan Bessent turut membayangkan saiz pembelian boleh menjadi lebih besar.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Mekanismenya mudah: Perbendaharaan membeli bon sedia ada, lalu menaikkan permintaan dan berpotensi menaikkan harga bon. Apabila harga bon naik, hasil biasanya turun. Ini boleh mengurangkan tekanan di bahagian hujung panjang \u201ckeluk hasil\u201d (yield curve, iaitu graf yang menunjukkan hasil bon untuk tempoh matang berbeza) tanpa Fed perlu mengubah kadar dasar.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\">Tindakan Perbendaharaan<\/td><td class=\"has-text-align-center\" data-align=\"center\">Kesan kepada pasaran (berpotensi)<\/td><\/tr><tr><td>Beli bon Perbendaharaan jangka panjang<\/td><td>Permintaan terhadap bon sedia ada meningkat<\/td><\/tr><tr><td>Permintaan bon lebih tinggi<\/td><td>Harga bon boleh naik<\/td><\/tr><tr><td>Harga bon lebih tinggi<\/td><td>Hasil jangka panjang boleh turun<\/td><\/tr><tr><td>Hasil lebih rendah<\/td><td>Kos peluang memegang emas boleh menurun<\/td><\/tr><tr><td>Hasil lebih rendah dan dolar lemah<\/td><td>Emas boleh mendapat sokongan tambahan<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Kemungkinan menggunakan tunai dalam TGA menjadikan strategi ini lebih penting kerana ia boleh memberi Perbendaharaan lebih ruang untuk menambah pembelian.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">TGA Memberi Lebih Ruang Tindakan Kepada Perbendaharaan<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Akaun Am Perbendaharaan (TGA) ialah akaun tunai utama kerajaan AS di Fed. Hasil cukai dan wang yang diperoleh daripada penerbitan hutang kerajaan masuk ke akaun ini sebelum digunakan untuk membayar perbelanjaan kerajaan.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Perbendaharaan menjangka baki TGA sekitar AS$950 bilion pada akhir September dan menganggarkan ia boleh meningkat sementara kepada kira-kira AS$1.05 trilion pada akhir Oktober. Pegawai kanan Perbendaharaan memberi isyarat bahawa sebahagian tunai ini berpotensi digunakan untuk membantu membiayai pembelian bon Perbendaharaan lama, walaupun tiada keputusan tentang jumlah sebenar yang akan digunakan.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-x wp-block-embed-x\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">The yields on the longest-dated US government bonds shot back to levels seen just before Treasury Secretary Scott Bessent shocked markets last month by expanding a buyback program in an effort to halt the rise <a href=\"https:\/\/t.co\/UCBIrLq9Xe\">https:\/\/t.co\/UCBIrLq9Xe<\/a><\/p>&mdash; Bloomberg (@business) <a href=\"https:\/\/x.com\/business\/status\/2094945931208597630?ref_src=twsrc%5Etfw\">September 2, 2026<\/a><\/blockquote><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Ini tidak bermaksud Perbendaharaan mempunyai program pembelian bon bernilai AS$1 trilion. Sebahagian besar TGA diperlukan untuk operasi kerajaan, jadi keseluruhan baki tidak boleh dialihkan untuk membeli bon.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Namun, penggunaan tunai sedia ada memberi Perbendaharaan satu lagi cara untuk membeli bon jangka panjang tanpa perlu serta-merta menerbitkan hutang baharu pada jumlah yang sama. Alternatifnya, Perbendaharaan boleh menerbitkan lebih banyak bil Perbendaharaan jangka pendek (T-bills, hutang kerajaan tempoh pendek) dan menggunakan hasilnya untuk membeli bon jangka panjang, sekali gus mengubah campuran tempoh matang hutang kerajaan.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Bagi pasaran, potensi penggunaan tunai TGA bermaksud Perbendaharaan mungkin mempunyai lebih ruang untuk bertindak jika hasil jangka panjang terus tinggi.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Mengapa Emas Bertindak Balas<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Emas tidak membayar faedah, jadi daya tarikannya sebahagiannya bergantung pada pulangan yang boleh diperoleh pelabur daripada pilihan lain seperti bon kerajaan AS. Apabila hasil bon naik, kos peluang memegang emas meningkat. Apabila hasil turun, kekurangan itu menjadi lebih kecil. \u201cHasil sebenar\u201d (real yield) juga penting: ia merujuk kepada hasil bon selepas mengambil kira inflasi, iaitu kuasa beli sebenar pulangan pelabur.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-x wp-block-embed-x\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Gold bulls, rejuvenated by the Treasury Department\u2019s efforts to keep US borrowing costs in check, are turning to exotic options and spreads to bet on higher bullion prices. Read more: <a href=\"https:\/\/t.co\/FOyqlqkQL7\">https:\/\/t.co\/FOyqlqkQL7<\/a><br><br>\ud83d\udcf7\ufe0f: Damian Lemanski\/Bloomberg <a href=\"https:\/\/t.co\/QKEC0fn2XY\">pic.twitter.com\/QKEC0fn2XY<\/a><\/p>&mdash; Bloomberg (@business) <a href=\"https:\/\/x.com\/business\/status\/2094130631227650444?ref_src=twsrc%5Etfw\">August 30, 2026<\/a><\/blockquote><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Jika pembelian balik yang lebih besar meningkatkan permintaan bon jangka panjang, penurunan hasil boleh menyokong emas walaupun Fed tidak menurunkan kadar. Dolar AS yang lemah juga boleh memberi sokongan tambahan.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">World Gold Council menganggarkan emas meningkat sekitar 3% dalam hari yang sama selepas pengumuman pembelian balik, menunjukkan betapa cepat perubahan jangkaan pasaran bon boleh mempengaruhi logam berharga.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ini juga menunjukkan pedagang emas tidak boleh hanya melihat kadar dana Fed (Fed funds rate, iaitu kadar faedah sasaran jangka pendek antara bank). Hasil bon Perbendaharaan sebenar, dolar AS serta jangkaan dasar monetari (dasar kadar faedah dan bekalan wang) dan dasar fiskal (cukai dan perbelanjaan kerajaan) turut mempengaruhi emas.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Fed dan Perbendaharaan Mungkin Bergerak Dalam Arah Berbeza<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Situasi ini mewujudkan dinamik yang luar biasa kerana Fed dan Perbendaharaan mempengaruhi bahagian pasaran kadar faedah yang berbeza.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Fed mengawal kadar faedah jangka pendek melalui dasar monetari dan boleh mengekalkan pendirian ketat (restrictive stance, iaitu mengekalkan kadar tinggi untuk mengekang inflasi) jika inflasi masih menjadi kebimbangan. Perbendaharaan tidak mengawal terus hasil jangka panjang, tetapi keputusan tentang penerbitan hutang, pembelian balik dan pengurusan tunai boleh mempengaruhi penawaran dan permintaan bon kerajaan bertempoh panjang.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\">Rizab Persekutuan (Fed)<\/td><td class=\"has-text-align-center\" data-align=\"center\">Perbendaharaan AS<\/td><\/tr><tr><td>Mengawal kadar faedah jangka pendek<\/td><td>Mempengaruhi penawaran dan permintaan bon jangka panjang<\/td><\/tr><tr><td>Guna dasar monetari<\/td><td>Guna penerbitan hutang dan pembelian balik<\/td><\/tr><tr><td>Kadar lebih tinggi boleh mengukuhkan dolar<\/td><td>Pembelian balik boleh meningkatkan permintaan bon jangka panjang<\/td><\/tr><tr><td>Penurunan kadar boleh menyokong emas<\/td><td>Hasil jangka panjang yang turun juga boleh menyokong emas<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Ini bermakna Fed boleh mengekalkan kadar jangka pendek tinggi, sementara Perbendaharaan cuba mengurangkan tekanan kos pinjaman jangka panjang. Untuk pedagang emas, hasil bon 10 tahun dan 30 tahun menjadi semakin penting selain jangkaan keputusan Fed seterusnya.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Bagaimana Jika Perbendaharaan Tidak Dapat Menghalang Kenaikan Hasil?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Ada satu lagi kemungkinan, dan ia juga boleh menyokong emas.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Hutang persekutuan AS telah melebihi AS$40 trilion, manakala kos faedah kerajaan meningkat apabila kos pinjaman naik. Ini membuatkan pelabur menilai semula risiko fiskal (kedudukan kewangan kerajaan, termasuk defisit dan hutang) dan pulangan yang mereka mahukan untuk memegang bon jangka panjang.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Perbendaharaan menyatakan program pembelian balik bertujuan memperbaiki kecairan dan menyokong kelancaran pasaran bon Perbendaharaan. Namun, jika pembelian ditingkatkan tetapi hasil jangka panjang terus meningkat, pasaran boleh menafsirkannya sebagai tanda kebimbangan terhadap inflasi, defisit dan pembiayaan kerajaan masih belum reda.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ini boleh memberi sebab lain untuk emas meningkat.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\">Senario<\/td><td class=\"has-text-align-center\" data-align=\"center\">Hasil kepada pasaran<\/td><td class=\"has-text-align-center\" data-align=\"center\">Kesan berpotensi kepada emas<\/td><\/tr><tr><td>Perbendaharaan berjaya<\/td><td>Hasil jangka panjang turun<\/td><td>Kos peluang lebih rendah menyokong emas<\/td><\/tr><tr><td>Perbendaharaan gagal<\/td><td>Hasil kekal tinggi atau naik<\/td><td>Kebimbangan fiskal dan mata wang boleh menyokong emas<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Dengan kata lain, campur tangan Perbendaharaan boleh menyokong emas jika hasil jatuh. Jika campur tangan tidak berkesan, permintaan emas juga boleh meningkat apabila pelabur bimbang tentang kedudukan fiskal AS dan nilai beli jangka panjang dolar.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Perkara Yang Perlu Dipantau Seterusnya<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Hasil bon Perbendaharaan 10 tahun dan 30 tahun<\/strong> antara petunjuk paling penting. Jika hasil jangka panjang turun secara berterusan ketika Fed mengekalkan kadar jangka pendek tinggi, ini menguatkan pandangan bahawa dasar Perbendaharaan memberi sokongan kepada emas secara berasingan daripada Fed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Akaun Am Perbendaharaan (TGA)<\/strong> juga penting. Soalnya bukan sekadar sama ada TGA mencecah AS$1 trilion, tetapi sama ada Perbendaharaan benar-benar menggunakan bahagian tunai yang besar untuk pembelian bon jangka panjang yang lebih agresif.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Dolar AS<\/strong> juga perlu dipantau. Jika tindakan Perbendaharaan menurunkan hasil jangka panjang dan pada masa sama dolar melemah, gabungan ini biasanya lebih menyokong emas.<\/p>\n\n\n\n<details class=\"wp-block-details is-layout-flow wp-block-details-is-layout-flow\"><summary>FAQs<\/summary>\n<p class=\"wp-block-paragraph\">1) Bagaimana dasar Fed biasanya mempengaruhi harga emas?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Kebiasaannya, apabila Fed menurunkan kadar faedah, aset yang tidak membayar faedah seperti emas menjadi lebih menarik berbanding bon, dan dolar AS yang lebih lemah sering meningkatkan permintaan emas. Sebaliknya, kadar Fed yang lebih tinggi cenderung menjadikan aset yang memberi pulangan faedah lebih menarik serta mengukuhkan dolar, lalu menekan emas.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">2) Bolehkah Perbendaharaan AS mempengaruhi harga emas tanpa bergantung pada Fed?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ya. Fed mengawal kadar jangka pendek melalui dasar monetari, manakala Perbendaharaan mempengaruhi hasil bon jangka panjang melalui penerbitan hutang, pengurusan tunai dan pembelian balik bon. Jika langkah Perbendaharaan berjaya menurunkan hasil jangka panjang, emas boleh disokong walaupun Fed mengekalkan kadar jangka pendek tinggi.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">3) Apakah pembelian balik bon untuk menyokong kecairan, dan mengapa ia penting kepada pedagang?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pembelian balik untuk menyokong kecairan ialah tindakan kerajaan AS membeli semula bon lama yang kurang mudah diniagakan. Ini meningkatkan permintaan terhadap bon tersebut, menaikkan harga bon dan menurunkan hasil. Hasil jangka panjang yang lebih rendah mengurangkan kos peluang memegang emas.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">4) Apakah TGA, dan bagaimana ia mempengaruhi hasil?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">TGA ialah akaun tunai operasi utama kerajaan AS di Fed. Menggunakan sebahagian baki TGA untuk membiayai pembelian balik bon membolehkan Perbendaharaan membeli semula bon jangka panjang tanpa perlu segera menerbitkan hutang baharu pada jumlah yang sama, sekali gus memberi lebih ruang untuk menangani lonjakan hasil jangka panjang.<\/p>\n<\/details>\n\n\n\n\n<p class=\"wp-block-paragraph\"><b>Mula berdagang sekarang \u2014 klik <a href=\"https:\/\/www.vtmarkets.com\/ms-asia\/trade-now\/\">di sini<\/a> untuk membuat akaun sebenar VT Markets anda.<\/b>\n\n<\/p>","protected":false},"excerpt":{"rendered":"<p>Emas bukan lagi ikut rentak Fed semata-mata: US Treasury mahu gandakan buyback bon jangka panjang, mungkin guna tunai TGA hampir AS$1 trilion. Jika yield turun, emas disokong\u2014jika gagal, risiko fiskal pula angkat harga.<\/p>\n","protected":false},"author":87,"featured_media":53642,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5,15],"tags":[],"class_list":["post-53643","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-learn"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO Pro 5.0.1.1 - aioseo.com -->\n\t<meta name=\"description\" content=\"Emas bukan lagi ikut rentak Fed semata-mata: US Treasury mahu gandakan buyback bon jangka panjang, mungkin guna tunai TGA hampir AS$1 trilion. 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