Bangkok: Gold prices continue to rise, hitting a new high this morning after the global gold price exceeded $4,200 per ounce. The Gold Traders Association reported that the price of gold this morning continued to rise, reaching a new historical high. The market opened 200 baht per baht of gold, a new record high, and as of 10:01 a.m., the price had risen three times, totaling 300 baht from yesterday. The selling price of gold bars was around 65,100 baht, while the selling price of finished gold was 65,900 baht, based on a spot price of $4,239 per ounce, with the baht at 32.44 baht per dollar. Yesterday, the price of gold in Thailand increased by 650 baht, with gold bars reaching a new high of 64,800 baht. According to Thai News Agency, Hua Seng Heng Gold Shop analyzes that global gold is in an upward trend, but in the short term, buying is not recommended. Therefore, a strategy of accumulating from the support level at $4,200 is recommended and selling to profit if the price tests the resistance level at $4, 230. However, if the price falls below the support level at $4,140, selling to cut losses is recommended. Domestic gold prices are in an upward trend, following global gold prices. As the baht strengthens, it is recommended to gradually accumulate according to the support level at 64,700 baht and selling to profit according to the resistance level at 65,000 baht. However, if the price falls below the support level at 64,100 baht, selling to cut losses is recommended. International news agencies reported that gold futures on the New York Mercantile Exchange surged above $4,200 for the first time on Wednesday, continuing their record high. The market continues to be bolstered by expectations that the US Federal Reserve will cut interest rates this month and by safe-haven demand amid geopolitical tensions, including the US-China trade war. December gold futures on the COMEX rose $38.20, or 0.92%, to close at $4,201.60 per ounce. Since the beginning of the year, gold prices have surged more than 60%, driven by a variety of factors, including geopolitical tensions, central bank gold purchases, the trend of reducing reliance on the dollar, expectations of a Fed interest rate cut, and inflows into gold exchange-traded funds. ANZ forecasts gold prices to reach $4,400 an ounce by the end of 2025, potentially peaking around $4,600 an ounce by June 2026, before likely declining in the second half of the year. Silver is expected to reach $57.50 an ounce by mid-2026, citing rising concerns about the Fed's independence. Political uncertainty, trade tariffs, geopolitical tensions, and rising public debt are expected to continue to support strong strategic gold investment demand. However, it cautions that the Fed's tightening monetary policy and stronger-than-expected US economic growth could pose downside risks to gold and silver prices. Analysts from City Index and FOREX.com estimate that gold prices are surging and show no signs of slowing down, as renewed trade tensions between China and the United States have prompted inv estors to shift to gold as a diversification strategy. The market was also bolstered by a weaker dollar after Fed Chairman Jerome Powell signaled an end to tightening monetary policy due to the severely weakened labor market. Investors are now 98% optimistic that the Fed will cut interest rates by 0.25 percentage points at this month's meeting, and 100% optimistic that the Fed will cut rates further at its December meeting.
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