Domestic gold opens morning up 700 baht, tracking global market after Fed holds rates

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Domestic gold prices opened this morning up 700 baht per baht-weight, following the rise in global gold prices after the US Federal Reserve voted to hold its policy rate at 3.50 to 3.75 percent, pending assessment of inflation data. The Gold Traders Association announced buying prices for gold bars at 64,550 baht per baht-weight and selling at 64,750 baht per baht-weight, while gold ornaments are bought at 63,262.68 baht per baht-weight and sold at 65,550 baht per baht-weight. Analysis from Hua Seng Heng Gold Futures notes that the weakening of the dollar index after the Federal Open Market Committee meeting is a supportive factor for gold prices. Meanwhile, Fed Chair Kevin Warsh continues to signal readiness to raise rates immediately if inflationary pressures re-emerge strongly. At this meeting, three minority committee members wanted an immediate 0.25 percent rate hike. Analysts at Morgan Stanley view the September meeting as having a high probability of a rate increase. Additionally, rising crude oil prices due to tensions in the Middle East could be a negative factor for gold going forward. The SPDR fund bought an additional 0.57 tonnes of gold. Global gold prices are still moving within a support range of 4,050 dollars and resistance at 4,100 dollars.

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