Thai gold prices rose 100 baht/baht of gold this morning. Thai stocks fell more than 10 points, following the direction of foreign markets, receiving selling pressure to reduce risk from the conflict situation in the Middle East. "Iran fired missiles at Israel" in retaliation for the attack in Lebanon. The Thai stock index in the morning fell more than 10 points and closed the morning market at 1,456.28 points, down 8.38 points. The price of Thai gold in the morning changed 3 times, with a total increase of 100 baht/baht of gold. Gold bars were sold at 40,950 baht, gold ornaments were sold at 41,450 baht. The price of SPOT gold was 2,649.50 US dollars/ounce, and the baht was 32.66 baht/dollar. Mr. Wichit Arayaphisit, investment strategist at Liberator Securities, said that geopolitical risks in the Middle East created more pressure after Iran fired missiles in response to Israel's attack on southern Lebanon, resulting in short-term risk-off in both Western and Asian stocks. There was buying of safe assets, causing the price of gold to rise along with the price of crude oil, and resulting in a short-term weakening of the baht. Therefore, it can be seen that energy stocks have adjusted upwards. Dr. Krichrat Hiranyasiri, Chairman of the Executive Board of MTS Gold Maethongsuk (MTS), said that the news that Israel was attacked caused the price of gold to move up, overshadowing the news that the US Federal Reserve (Fed) will reduce interest rates by another 0.50% by the end of this year. This situation is suitable for short-term speculative investors, buying when it weakens because it is expected to go up to a new high of $2,700/ounce. Goldman Sachs predicts that there is a chance that the price of gold will move up to $2,900/ounce. As for the price of gold in Thailand, due to the baht strengthening, there is a chance that it will reach 42,000 baht/baht of gold by the end of this year. Mr. Nattawut Wongyaowarak, Director of Research, Globlex Securities (GBS), assessed the gold price trend in October that the gold price has a chance to rest. Be careful of profit-taking after the Fed chairman signaled that he was not in a hurry to reduce interest rates because the inflation figures in the past have shown signs of slowing down continuously. This caused investors to reduce their expectations that the Fed will reduce interest rates by 0.50% in the next meeting. However, the downward trend in interest rates and geopolitical factors are still supporting gold. The gold range this month is seen at 2,530-2,700 US dollars/ounce. Source: Thai News Agency
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