Gold Rush: YLG Boosts Price Target to $2,700 as Fed Slashes Interest Rates by 0.50%
YLG Raises Gold Target to $2,700 per Troy Ounce
- YLG has increased its gold target to $2,700 per troy ounce, driven by the Federal Reserve’s decision to cut interest rates by 0.50% and the potential for further rate cuts by the end of the year.
- Despite short-term selling pressure, YLG believes that gold prices will continue to rise due to strong supporting factors, including geopolitical issues, ETF fund buying, and central banks’ gold holdings.
- For gold in Thailand, YLG targets a price range of 42,600-43,000 baht per gold baht, assuming the baht does not strengthen beyond 33.50 baht per US dollar.
According to Mrs. Pawan Nawawattanasap, CEO of YLG Bullion International Company Limited, the Federal Reserve’s interest rate cut and signal for potential further rate cuts have created a positive environment for gold prices.
Although gold prices have experienced short-term selling pressure after reaching a record high of $2,600 an ounce, YLG believes that the metal has the potential to make new highs this year, with a target price range of $2,650-2,700 per troy ounce.
Geopolitical factors, ETF fund buying, and central banks’ gold holdings are also expected to support gold prices. The return to buying gold by ETF funds for four consecutive months from May to August has been a significant factor in pushing gold prices up.
Central banks around the world have also continued to buy gold, with a total of 483.3 tonnes purchased in the first half of 2024, the highest in history for the first half of the year.
In Thailand, the price of gold is under pressure due to the strengthening baht, which has appreciated the most in the ASEAN region. However, if the baht does not strengthen beyond 33.50 baht per US dollar, YLG believes that gold has the potential to reach 41,800 baht per baht of gold, with a target price range of 42,600-43,000 baht per gold baht.
For investors who cannot accept high currency risks, YLG recommends investing through YLG Gold Wallet on the Paotang app, which provides real-time world market prices in US dollars and allows for unlimited gold trading services.
Additionally, YLG suggests using the Dollar-Cost-Averaging (DCA) approach, which allows investors to create savings discipline and access a variety of gold prices. New investors can also use the Get Gold by YLG application, which provides a convenient and secure way to invest in gold with a minimum investment of 100 baht.
Invest in Gold with YLG
Invest in gold with YLG Gold Wallet on the Paotang app and take advantage of real-time world market prices in US dollars. With a minimum investment of 0.1 ounce and a maximum of 700 ounces or 20 kilograms, you can buy and sell gold at your convenience.
Download the Get Gold by YLG application and start investing in gold today. With a minimum investment of 100 baht, you can buy and sell gold in real-time, 24 hours a day, using your smartphone.