Gold Market Remains Stable as Baht Strengthens
The gold market closed unchanged from the previous day with relatively stable prices in the international market. Although the baht strengthened slightly, its impact on the market remained minimal.
Domestic Gold Prices Unchanged as Market Awaits Fed Policy Results
The Gold Traders Association announced that the domestic gold prices remained unchanged from the previous day, with the market eagerly waiting to evaluate the results of the Fed policy. The price of spot gold and the value of the baht are expected to swing accordingly.
- Gold bars: Buy at 32,800.00 baht/baht of gold and sell at 32,900.00 baht/baht of gold.
- Gold jewelry: Buy at 32,215.48 baht/baht of gold and sell at 33,400.00 baht/baht of gold.
In the domestic market, spot gold is quoted at $1,927.50/oz., based on a baht value of 36.12 baht / dollar.
Domestic Gold Price Increases by 50 Baht as Fed Keeps Interest Rates
The domestic gold price has increased by 50 baht as the Fed maintains interest rates. The Fed’s decision to raise interest rates, albeit after a prolonged period, has put pressure on risky assets. The Thai stock market is closely monitoring the support level of 1,490.
Gold Futures Prices Contract Following Fed Meeting
The price of gold has fallen in the international market due to the strengthening of the dollar and US bond yields. The US Federal Reserve’s signal to raise interest rates again this year and begin easing monetary policy next year has resulted in a 0.1% decrease in spot gold prices, moving at $1,927/oz. Gold futures for December have also declined by 1%, moving at $1,948/oz.
The Hua Seng Heng Gold Shop predicts that the Fed will continue raising interest rates and maintaining them at a high level for a longer period than before. The recent Fed meeting on 19-20 September marks the 6th meeting this year, where the Fed decided to maintain interest rates at 5.25-5.50%. This is in line with market expectations, following 11 interest rate hikes since March 2022.
The Dot Plot or interest rate estimate suggests that the Fed will raise interest rates once again this year, bringing the year-end interest rate to 5.50-5.75%. Next year, the Fed intends to further increase the interest rate to 5.1% from the original 4.6%. This indicates the Fed’s plan to reduce interest rates by 0.50% or 2 times next year, compared to the initial projection of a 1% or 4 times reduction. Such measures aim to maintain high interest rates for an extended period due to ongoing uncontrollable inflation.
Fed Chairman Jerome Powell emphasized the critical task of combating inflation and highlighted that it will take a considerable amount of time for US inflation to subside and align with the Fed’s 2% target.
Gold Price Expected to Decline as Fed Maintains High Interest Rates
The gold price trend is expected to decline in the short term due to the Fed’s decision to raise interest rates once again and maintain them at a high level for an extended period. However, the recent reaction of the gold price has been negative. The short-term support levels are observed at $1,920 and $1,910, while resistance levels are at $1,942 and $1,947.
Meanwhile, the price of gold bars in the country had a positive outcome with the weakening of the baht, reaching a record high of 33,050 baht, prompting the Gold Traders Association to recommend selling gold bars for profits. As for investing in gold futures, experts suggest speculating on the buy side when it falls to $1,920 and cutting losses at $1,910.
Other News Highlights
- “Asian Games 2022” will be held in 2023, resolving questions concerning the name discrepancy.
- The Thai men’s volleyball program for the 19th Asian Games was broadcast live by PPTV.
gold price today The market closed unchanged from the previous day. The prices in the international market were relatively stable from the previous day. Meanwhile, the baht strengthened slightly. But it had little effect.
The Gold Traders Association announced the domestic gold price today (21 September 2023) a total of 2 times, closing the market unchanged from the previous day. The market is waiting to evaluate the results of the Fed policy. Swing in the price of spot gold and the value of the baht
Gold bars buy 32,800.00 baht/baht of gold back and sell 32,900.00 baht/baht of gold, gold jewelry buy 32,215.48 baht/baht of gold back and sell 33,400.00 baht/baht of gold.
Domestic gold The spot market is quoted at $1,927.50/oz. and based on a baht value of 36.12 baht / dollar
gold price today Domestic price increased by 50 baht, Fed maintains interest rates
The Fed raises interest rates once again before holding back for a long time, putting pressure on risky assets. Thai stocks are keeping an eye on the support level of 1,490.
Gold futures prices due in December were contracted after the Fed meeting.
The price of gold fell in the international market. As the dollar and US bond yields move up. After the US Federal Reserve (Fed) sent a signal to raise interest rates again this year. and will begin to ease monetary policy next year.
Spot gold prices fell 0.1%, moving at $1,927/oz. As for gold futures, they will be introduced in December. Down 1%, moving at $1,948/oz.
Hua Seng Heng Gold Shop I think the Fed will continue to raise interest rates. and keep interest rates high for a longer period than before What you should know from the Fed meeting on 19-20 September is that the Federal Reserve (Fed) meeting on 19-20 September is the 6th meeting this year .The Fed has decided to maintain the rate Interest rates at 5.25-5.50 % is in line with the expectation of the market. After raising interest rates 11 times since the Fed began its rate hike cycle in March 2022,
Dot Plot or interest rate estimate Signaling that the Fed will raise interest rates once again this year, bringing the interest rate at the end of this year to 5.50-5.75% Next year, the Fed will increase the interest rate at the end of next year to 5.1% from the original 4.6%, which reflects next year the Fed will reduce interest rates by 0.50% or 2 times, from the original Fed is expected to cut interest rates by 1% or 4 times, thus keeping interest rates at a high level for a longer period than before. Because of inflation that is still out of control
Fed Chairman Jerome Powell gave a hawkish view, saying the task of fighting inflation was critical. And it will take a long time for US inflation to return to the Fed’s 2% target.
Gold price trend is expected to fall. The fact that the Fed will once again raise interest rates and keep interest rates high for a longer time is a factor that will put pressure on gold prices in the short term. But last night, the gold price reacted quite negatively. Short-term support levels are $1,920 and $1,910, resistance levels are $1,942 and $1,947.
As for the price of gold bars in the country, they had a positive result from the baht, which weakened the most in nine and a half months, causing the price of gold bars sold by the Gold Traders Association yesterday to exceed 30,000 baht, making the record high of 33,050 baht Invest in Recommend selling gold bars to make some profit. As for investing in gold futures Speculating on the buy side when it fell to $1,920, the sell point cut losses at $1,910.
Opening Thai men’s volleyball program The 19th Asian Games was broadcast live by PPTV.
Sports competition schedule for the 2022 Asian Games on Thursday, September 21, 2023.
“Asian Games 2022” resolves questions about why the competition will be held in 2023 but using the name of the same year.
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