YLG reveals 4 factors supporting world gold to reach a new high of $2,160. Looking at the second half of the year, there is a chance of reaching $2,300, although in the short term there may be strong sales to make a profit.
Mrs. Pawan Nawawattanasap, CEO of YLG Bullion International Company Limited (YLG), the price of gold in the world market has risen to a record high of 2,160 dollars per troy ounce. As a result, since the beginning of the year, the price of gold has increased by more than 4.50%, which is an interesting increase this time which has happened since March due to support from many factors as follows:
Revealing 5 important factors for predicting gold prices What do I need to see?
The price of gold today (March 7, 2024) in the country has increased by another 200 baht. Gold bars have returned to touch 36,050 baht.
Yaowwat almost snapped. People are flocking to buy gold Hopes continue to speculate After the price rises to a new record
1. Federal Reserve (Fed) monetary policy Although earlier investors lowered their hopes of a Fed interest rate cut from a maximum of 6 times to a zone of 3-4 times, there was strong selling pressure on gold. However, the market has absorbed such factors. The price of gold has started to recover and there is also concern about the decline in the employment sector. Therefore, it is a supporting factor for the price of gold to return to a buoyant movement.
2. Central banks around the world continue to hold more gold. Since 2022, central banks around the world have bought more than 1,000 tonnes of gold per year, up from around 400-600 tonnes per year last year.
3. geopolitical tensions which leads to the flow of “De-dollarization” or reducing dependence on the US dollar used as international reserves. or used in international trade As a result, the demand for gold has increased.
4. Gold has transformed from a physical asset to a digital speculation. Leads to more buying power from new investors. Especially since the onset of COVID 19.
Mrs said Pawan, after the price of gold has made a new high in the short term, there may be some selling pressure to take profits. But the long-term picture for gold in 2024 is still in an upward direction. The big goal for the whole year, YLG, is still set US$2,300 per ounce This is because the interest rates have fallen in the second half of the year. And the market expects that the Fed will continue its policy of maintaining low interest rates for 2-3 years, so the big picture for 2-3 year gold is still positive.
In terms of the price of gold bars in the country, 96.5% continued to reach all time highs. The price reached a new high of 36,350 baht per gold baht. In addition to receiving the same support factors as gold in the world market, it also benefits from the depreciating baht near the 36 baht zone.
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