Gold Prices Soar as Dollar Weakens and US Economic Data Disappoints
In a surprising turn of events, today’s gold prices closed the market with a remarkable 100 baht increase, reaching the highest level in three weeks. This surge can be attributed to the weakening dollar in foreign markets.
The Gold Traders Association announced this morning that the domestic gold price (Aug. 30, 2023) saw a significant rise of 100 baht, following the increase in spot price by almost 1%. Despite the appreciation of the baht, this increase is not substantial enough to affect the overall gold prices in the country.
Current Gold Prices
- Gold bars: Buy back at 32,000.00 baht/gold baht and sell out at 32,100.00 baht/gold
- Gold ornaments: Buy back at 31,426.68 baht/gold baht and sell out at 32,600.00 baht/gold baht
Referring to the spot market, the domestic gold price is currently at $1,937.00/oz., with the exchange rate of 35.08 baht/dollar.
The baht’s appreciation below 35 demonstrates the weakening US economy, which is dragging down the value of the dollar.
International gold prices have reached their highest levels in three weeks due to a weakening dollar. This was prompted by worse-than-expected economic numbers reported by the United States, leading market participants to anticipate a slowdown in interest rate increases by the Federal Reserve (Fed).
Although gold prices continue to rise and surpass last week’s levels, they still face resistance. Investors remain concerned about the duration of the Fed’s interest rate policies.
Current trading shows that spot gold in late Asian markets is down 0.1% at $1,936/ounce, while gold futures for December delivery have also dropped 0.1% to $1,963/oz. Both markets saw a nearly 1% increase on Tuesday, marking their highest levels since mid-August.
Market experts from Hua Seng Heng predict a downward trend in gold prices after reaching their three-week peak.
Spot gold maintained its three-week high throughout the day following a sharp increase in prices last night. This surge was prompted by the release of worse-than-expected US economic data, increasing pressure on the Fed to maintain current interest rates. Previously, investors expected a rate hike at the November meeting based on the Fed chairman’s remarks during the Jackson Hole Fed meeting.
Upcoming Economic Numbers
Tonight, the United States will release data on private sector jobs for the month of August, with expectations of a gain of 194,000 jobs following a 324,000 increase in Q2 GDP (2nd estimate). The market predicts a growth rate of 2.4%.
Gold Price Analysis
It is anticipated that selling pressure will be experienced, with resistance expected at the $1,938 level. However, if the $1,938 resistance is overcome, gold will face strong resistance at $1,946.
World Gold Price
- Support: $1,925 and $1,914
- Resistance: $1,938 and $1,946
Based on these factors, it is recommended to open a buy position for gold priced around $1,925, with a sell stop loss set at $1,914.
96.5% Gold Bar Price
- Support: 32,000 and 31,900 baht
- Resistance: 32,200 and 32,300 baht
Foreign gold prices are expected to rise, but they are likely to remain at the resistance level of $1,938. As the baht has slightly strengthened, selling and gradually profiting in the range of 32,200 baht is recommended.
today’s gold price Close the market, move up 100 baht, which is equal to the opening period. After prices in foreign markets reached the highest in three weeks of a weak dollar.
Gold Traders Association When announcing the domestic gold price (Aug. 30, 2023) once in the morning, the price has increased by 100 baht, following the spot price, which has increased by almost 1% despite the appreciation of baht. But it is not enough to drag the price of gold in the country.
Gold bars buy back 32,000.00 baht/gold baht and sell out 32,100.00 baht/gold gold ornaments buy back 31,426.68 baht/gold baht and sell out 32,600.00 baht/gold baht
domestic gold Refer to the spot market at $1,937.00/oz. and based on the Thai baht, 35.08 baht / dollar
Today’s baht appreciates below 35 again, the poor US economy is dragging the dollar
Gold price today opens the market to 100 baht, foreign countries is the highest in 3 weeks.
Gold prices have been higher since midweek on market expectations, the Fed kept rates steady.
Gold prices in international markets moved to their highest levels in three weeks as the dollar weakened. after the United States reported worse than expected economic numbers This led market participants to expect the Federal Reserve (Fed) to slow down interest rate increases.
Gold prices are moving higher and moving higher than last week. He pointed out that gold is a safe haven against US economic uncertainty. But the price of gold is still unable to move up further. Because investors are still worried about how long the Fed’s interest rate will last.
Spot gold in late Asian markets was down 0.1% at $1,936/ounce. while gold futures were delivered in December down 0.1%, moving to $1,963/oz. Both markets gained nearly 1% on Tuesday and were the highest since mid-August.
Hua Seng Heng sees the gold price trend starting to sell. After the price of gold remained at its highest level in three weeks.
Spot gold during the day held its highest level in three weeks after gold prices rose sharply last night. After the release of US economic data that was worse than expected. Making investors put more pressure than that The Fed will not raise interest rates this year. Earlier, after the Fed chairman signaled a rate hike at the Jackson Hole Fed meeting, investors expected the Fed to raise interest rates at the November meeting.
Economic numbers to follow Tonight, the United States will reveal private sector jobs across the country for the month of August. ADP’s will add 194,000 jobs from an increase of 324,000 in Q2 GDP (2nd estimate) The market is expected to grow by 2.4%.
gold price analysis It is expected that there will be selling pressure. The $1,938 resistance is still expected, but if it breaks through the $1,938 resistance, gold will have strong resistance at $1,946.
world gold price
Support $1,925 and $1,914 Resistance $1,938 and $1,946
Recommended to open a buy position, the gold price is around $1,925, with a sell stop loss of $1,914.
96.5% gold bar price
Support 32,000 and 31,900 baht Resistance 32,200 and 32,300 baht
Foreign gold prices are expected to rise But it is expected to remain at the resistance of $1,938, while the baht has strengthened slightly. It is recommended to sell and gradually make a profit in the area of 32,200 baht.
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