Global gold prices surged to their highest level in more than three months and are heading for a third consecutive weekly gain, supported by a weaker dollar and bullish technical signals. Meanwhile, domestic gold prices opened unchanged today, with gold ornaments selling at 71,950 baht per baht-weight and gold bars selling at 71,150 baht per baht-weight. Spot gold rose 2.3% to 4,619.57 dollars per ounce, while U.S. gold futures rose 2.4% to 4,680.60 dollars. Gold has already gained about 5% this week. Analysts at TD Securities said the next target is 4,700 dollars if momentum continues, while Goldman Sachs noted that demand for gold call options has increased significantly amid demand for hedging tools against global macroeconomic policy.
Goldman Sachs Group IncGoldman Sachs noted increased demand for gold call options as hedging tools, indicating business activity.
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