YLG Corp Predicts Global Gold Price to Reach New High
Published: January 27, 2024 at 04:00
YLG Corp’s chief executive, Pawan Nawawattanasap, has projected that the global gold price will continue to climb, potentially reaching a record high of $2,300 per troy ounce this year. This projection is based on several factors, including the possibility of US Federal Reserve policy rate cuts, surging inflation, and geopolitical risks.
Investors are increasingly turning to gold as a safe-haven asset, particularly in anticipation of a Fed rate cut in the second quarter of this year, amidst persistent high inflation and global geopolitical tensions.
Amidst economic uncertainties, YLG Corp intends to continue promoting gold investment as a safe-haven asset. The company’s partnership with Krungthai Bank (KTB) has expanded channels for gold trading through the Pao Tang application, offering 99.99% gold trade, the global standard. This initiative, in addition to various promotional campaigns, aims to encourage gold saving among Thais, especially among the younger generation.
In the Thai market, gold investment as a safe haven has grown in demand over the years, especially following the pandemic. The average purchase of 63 tonnes of gold per year from 2015 to 2023 made Thailand the third-highest purchaser in Asia, after China and India.
During the outbreak year of 2020, the market experienced a significant decrease in gold demand, but it has gradually been recovering, with 37 tonnes purchased in 2021 and 38 tonnes in 2022.
Rawin Boonyanusasna, head of the global markets group at KTB, emphasized the bank’s commitment to developing various financial and investment products to provide better access for Thai investors and savers, both through offline and online channels.
This outlook for the global gold market and the specific strategies being implemented in Thailand provide an interesting snapshot of the evolving dynamics in gold investment and how different factors are driving demand and shaping investment behavior.
