Gold returns to a strong and rapid uptrend, expected to surpass 75,000 baht by year-end
MacroCommodity
Gold prices have rebounded into an uptrend more quickly and strongly than expected, after US non-farm payrolls came in well below market forecasts. Mr. Jitti Tangsitpakdee, president of the Gold Traders Association, said the global gold price trend is likely to continue rising steadily, with occasional pullbacks, but the overall picture remains bullish. He expects global gold could reach 5,500 dollars within this year, while domestic gold could rise above 70,000 baht. Meanwhile, analysts at Hua Seng Heng Gold Futures view that gold has completed its consolidation phase, setting a short-term target of 4,500 dollars and a year-end target of 4,900 to 5,000 dollars, which could push Thai gold to touch 74,000 to 75,000 baht. Supporting factors include expectations that the US Federal Reserve will not raise interest rates and significant buying from gold ETF funds.
