Domestic Gold Prices Open Higher, Foreign Gold Remains Volatile
Aug 4, 2023 – In a surprising turn of events this morning, domestic gold prices rose by 50 baht, leading to a surge in the sale of gold ornaments at 32,300 baht. In contrast, foreign gold experienced considerable volatility.
Gold Trading Association Announces Adjusted Prices
The Gold Traders Association unveiled the new gold prices for August 4, 2023. The prices saw a 50 baht increase, resulting in the sale of 96.5% gold bars at 31,800.00 baht per gold baht, while the buying price stood at 31,700.00 baht per gold baht. Additionally, 96.5% gold ornaments were sold at 32,300.00 baht per gold baht and bought for 31,123.48 baht per gold baht.
Foreign Gold Prices Experience Fluctuations
Meanwhile, on the COMEX market, foreign gold prices witnessed a decline of $6.20, equivalent to 0.30%, closing at $1,968.80 per ounce.
Hua Seng Heng Gold Futures Co, Ltd reported that gold prices hit a three-week low before stabilizing in the market. This occurred as the US 10-year bond yield reached its highest level in 9 months and the US ISM service sector index for July fell to 52.7, falling short of market expectations. Investors are now closely monitoring the release of the US nonfarm payrolls report today. Notably, the World Gold Fund (SPDR) sold 3.18 tonnes of gold.
Upcoming Economic Figures: Non-Farm Payrolls
Key economic data to anticipate is the release of US non-farm payrolls for July. Analysts expect a gain of 205,000 jobs, following an increase of 209,000 in July average hourly wages and a stable unemployment rate.
Gold Price Analysis
Experts predict that the price of gold will experience volatility with the release of the US jobs report tonight. Should the report surpass market expectations, gold prices are likely to continue their decline. Conversely, if the report falls below market expectations, a price recovery can be expected. Key support levels are projected at $1,929 and $1,923, while resistance is expected at $1,940 and $1,954.
World Gold Price Outlook
- Support levels: $1,929 and $1,923
- Resistance levels: $1,940 and $1,954
96.5% Gold Bar Price Forecast
- Support levels: 31,650 baht and 31,600 baht
- Resistance levels: 31,750 baht and 31,900 baht
Domestic gold prices opened this morning by 50 baht, supporting gold ornaments to sell out at 32,300 baht, while foreign gold moved volatile.
Gold Traders Association The gold price was announced on the morning of August 4, 2023, the first time, adjusted by 50 baht, resulting in the sale of 96.5% gold bars at 31,800.00 baht / gold baht and buying at 31,700.00 baht / gold baht, while 96.5% gold gold ornaments were sold for 32,300.00 baht / gold baht and bought for 31,123.48 baht / gold baht
While foreign gold prices on the COMEX market fell $6.20, or 0.30%, to close at $1,968.80 an ounce.
Hua Seng Heng Gold Futures Co, Ltd said the price of gold fell to its lowest point in three weeks, but the market closed flat. After the US 10-year bond yield rose to the highest level in 9 months, the US released the US ISM service sector index for the month. July fell to 52.7, below market expectations. While investors keep an eye on the US nonfarm payrolls release today. The World Gold Fund (SPDR) sold 3.18 tonnes of gold.
Economic numbers to follow
The US will release July non-farm payrolls tonight. Markets are expected to add 205,000 jobs, up from a 209,000 increase in July average hourly wages and the July unemployment rate.
gold price analysis
Gold prices are expected to be volatile as the US jobs report is released tonight. If better than the market’s expectation Gold prices are expected to continue to fall But if below the market’s expectation The price is expected to recover, with support of $1,929 and $1,923, resistance at $1,940 and $1,954.
world gold price
Support 1,929 and 1,923 dollars
1940 and 1954 dollar resistance
96.5% gold bar price
Support 31,650 and 31,600 baht
Resistance 31,750 and 31,900 baht
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