In a notable development for investors and market observers, gold prices in Thailand saw a significant surge, reaching 350 baht per baht. The sustained upward trajectory in gold’s value continues to captivate attention, with several factors contributing to this remarkable trend.
According to the Gold Traders Association, the retail price of gold, consisting of 96.5% gold content, reported a substantial increase on October 26, 2023. This surge in gold prices is in line with the evolving dynamics in the global gold market, where the precious metal has demonstrated a consistent and robust performance.
As the market opened at 9:25 a.m., the price of gold bars saw noteworthy figures, with buying prices standing at 34,000.00 baht per gold unit and selling prices at 34,100.00 baht per gold. The price of gold jewelry also experienced fluctuations, with buying prices recorded at 33,382.32 baht per gold and selling prices reaching 34,600.00 baht per gold.
Analysis from Hua Seng Heng Gold Futures Co., Ltd. underscores the overall movement of gold, indicating a resurgence in buying power. This resurgence can be attributed to ongoing geopolitical tensions, particularly in the Middle East, where Israel’s sustained airstrikes on the Gaza Strip have fueled concerns and heightened the appeal of gold as a safe-haven asset. Additionally, the demand for gold from China has registered an impressive 7.3% rise in the first nine months of the year, further reinforcing the metal’s upward trajectory. The SPDR fund has also shown faith in gold, purchasing 1.73 tonnes of the precious metal.
Economic indicators that warrant close attention include the release of the first estimate of the United States’ third-quarter GDP, the number of weekly unemployment benefit applications, durable goods orders in September, and the total number of home sales contracts awaiting closure in September. Additionally, the announcement from the European Central Bank is poised to influence market sentiments.
Providing valuable investment insights, the gold price trend is predicted to move sideways while maintaining an upward trajectory. It is expected to test the resistance level of $1,987 and the pivotal resistance level of $2,000. The support level is set at $1,960, with an important support level of $1,950. For prudent investors, it is advisable to consider buying gold at around $1,960 and establish a selling point for risk management at $1,950.
Regarding the gold bar price, composed of 96.5% gold content, the support levels are established at 33,600 and 33,500 baht, while the resistance levels stand at 34,000 and 34,150 baht. Foreign gold prices are witnessing an upward trajectory, and the value of the baht is stabilizing, creating an opportune environment for a new round of purchasing.
The impressive performance of gold in Thailand serves as a compelling testament to the ongoing dynamics in the global precious metals market, where geopolitical factors and economic indicators continue to influence investor sentiment and decision-making.