Gold Rush in Thailand: YLG Boosts Price Target to 42,600-43,000 Baht as Fed Rate Cuts Spark New Opportunities
YLG Raises Target for Thai Gold Price This Year, Hoping to Reach 42,600-43,000 Baht
Positive Factors for Gold Prices
Mrs. Pawan Nawawattanasap, Chief Executive Officer of YLG Bullion International Company Limited (YLG), stated that the recent meeting of the Federal Reserve (Fed) has cut interest rates to 0.50% and signaled a potential reduction of another 0.50% by the end of the year, which is a positive factor for gold prices.
Although the price of gold has been sold to make a profit in the short term, after rising to a record high of $2,600 an ounce, YLG believes that gold has the opportunity to reach new highs, with a new target price of 2,650-2,700 US dollars per troy ounce.
Other strong positive factors for gold prices include geopolitical factors and the return to buying gold for 4 months in a row from the Gold ETF from May to August, which pushed the price of gold up significantly.
Domestic Gold Price Forecast
Domestic gold bars are likely to hit new targets, with a forecast of 42,600-43,000 baht per gold baht.
The price of gold in the country is under pressure from the baht, which is the strongest in the ASEAN region. However, if the baht does not strengthen more than 33.50 baht per US dollar, gold has a chance of reaching 41,800 baht per baht of gold.
Investing in Gold with YLG Gold Wallet
For investors who cannot accept high currency risks, YLG recommends investing through YLG Gold Wallet on the Paotang app, which provides an additional channel for buying gold at real-time world market prices in US dollars.
YLG Gold Wallet offers an unlimited number of gold trading services with real-time prices, allowing investors to buy and sell gold at a time with a minimum of 0.1 oz, full ceiling up to 700 oz or 20 kilograms.