Golden Insights: Your Weekly Dose of Gold Market News and Trends
Intergold Weekly News: Weekly Gold News Summary EP123
Dated: 7 September 2024
Gold Price Update
Last Friday night, the price of gold bars fell past 40,000 baht to around 39,800 baht before bouncing back up again before the market closed. Data affecting the price of gold included Non-Farm Payrolls, which came in less than expected by 160,000 jobs, and the unemployment rate which fell from 4.3% to 4.2%, which were factors that had an impact on Fed rate cut expectations.
The international market gold price dropped from the $2,500 level and fell to around $2,480. This situation caused the price of gold in Thailand to drop to around 39,800 - 39,900 baht. The impact caused the price to stop moving.
In the price range of 40,000 baht in the last half year, it is considered cheap. But for now, gold prices still look stable and may depend on future situations. Especially the Fed’s decision to cut interest rates and the inflation numbers that will be published next week.
Technical Analysis
Gold prices are still in the sideways range and have a chance to test the $2,530 level again next week. It depends on various factors, including the Fed’s interest rate and inflation movements.
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