The Gold Traders Association (GTA) has reported that the domestic gold price has reached an all-time high and is projected to continue rising to reach 38,000 baht per baht-weight by the end of the year. This surge in prices is attributed to the global trend, with prices nearing a two-month high of over US$2,080 per ounce.
GTA president Jitti Tangsitpakdi revealed that the domestic price of gold bars had been adjusted twice, increasing by 50 baht each time, to reach a new high of 35,300 baht per baht-weight. Despite the recent strengthening of the Thai currency, prices continue to climb, jumping 400 baht in just one day to 35,200 baht as global prices hovered around $2,088.19.
The recent record-high gold futures close of $2,095.70 per ounce was driven by weak US economic data and lower treasury yields. Although the spot gold price dipped slightly in early trading on Monday, it later rebounded to around $2,085 per ounce in the afternoon.
Analysts and traders are closely monitoring market conditions, with expectations of gold prices hitting 38,000 baht and global prices peaking at $2,100 per ounce in the coming months. Factors such as the weakening dollar and lower bond yields are making gold more attractive to investors, further fueling the upward trajectory of prices.
In conclusion, the current economic climate suggests that gold prices will continue to rise, with various experts predicting price ranges and resistance levels based on different factors. It will be interesting to see how market dynamics and global events impact the future trajectory of gold prices in the months to come.
