Hua Seng Heng says gold has entered an uptrend, could reach $4,500, sees Thai gold resistance at 67,500 baht
Commodity
Hua Seng Heng assesses that gold prices have entered an uptrend after breaking through $4,200 per ounce, supported by geopolitical tensions and ETF buying. Ms. Siriluck Pakotiprapha, Director of Analysis at Hua Seng Heng Gold Futures, said gold prices surged the most since February 2026, jumping over $165 or about 4% in a single day to a seven-month high. Key support came from the Iran conflict with the potential closure of the Strait of Hormuz, and ETFs returning to buy gold. In just the first three days of this month, cumulative purchases exceeded 7 tonnes, compared to just over 1 tonne the previous month, reflecting reduced selling pressure and base-building. The US non-farm payrolls data due this Friday, if still weak, will provide additional support. Hua Seng Heng sees short-term resistance at $4,330 per ounce, with a chance to test $4,400 and $4,500. A break above $4,500 would confirm a long-term uptrend, with support at $4,200 and $4,100. For domestic gold bars, support is around 66,200 to 66,500 baht, and resistance at 67,000 to 67,500 baht. They recommend waiting for price dips to buy for speculation. The latest gold bar selling price is 66,750 baht, buying price 66,550 baht, up 1,500 baht, with the second announcement today showing a rise of up to 2,050 baht.
