Thai Times

Covering the Thai Renaissance

Gold Prices Reach One-Week High Amid Geopolitical Tensions

Surge driven by Russia-Ukraine conflict and softer US dollar
Gold prices climbed to a one-week high on Wednesday, driven by increased investments in safe-haven assets due to the ongoing Russia-Ukraine conflict and a weakening US dollar.

The value of gold approached the resistance level of $2,640-$2,650 per ounce as the dollar's recent rally paused, making gold more appealing to international buyers.

The SPDR Gold Trust, the largest global gold fund, reported an increase of 0.58 tonnes in its gold holdings, reaching a total of 872.2 tonnes.

This uptick comes as global tensions rise following Russian President Vladimir Putin's decision to lower the nuclear strike threshold in response to US-supported Ukrainian military advancements.

Domestically, the Gold Traders Association reported that gold was trading at 43,100 baht per baht weight by midday.

Local specialists like MTS Gold and Hua Seng Heng Gold Futures predict limited upside for gold prices unless new factors emerge to drive further gains.

In the US, speculation around Federal Reserve interest rate adjustments adds complexity, as higher rates may decrease gold's allure.

Traders currently estimate a 58.9% likelihood of a 25-basis-point Fed rate cut in December, influenced by inflation concerns.
Newsletter

Related Articles

Asia's Hospitality Boom, Thailand's Strategic Position, and Global Tensions: Key News Highlights
0:00
0:00
Open
Asia's Hospitality Boom, Thailand's Strategic Position, and Global Tensions: Key News Highlights
0:00
0:00
Close
Asia's Hospitality Boom, Thailand's Strategic Position, and Global Tensions: Key News Highlights
Ex-Fiancé of Olympic Medalist Jailed for Fraud in South Korea
Nvidia's remarkable financial performance consistently exceeds predictions.
Thailand Positioned as Investment Center: Prime Minister Paetongtarn Shinawatra Speaks to International CEOs
Intercontinental Ballistic Missile Hits Ukraine, Eliciting Cautious Reactions
Ho Kwon Ping: Asia's Hospitality Industry Set for Expansion Amid Global Changes
Gold Prices Surge Amid Geopolitical Tensions as Thailand Eyes Tech-Driven Investment Future
Thai Woman Convicted in First of 14 Murder Trials
Thailand Targets Enhanced Digital Competitiveness by 2026
WHA Group to Achieve Sustainability with Technology by 2029
Central Group Executives Visit Chinese Tech Giants
UA Combine 2024 to Thrill in Bangkok as ITA Airways Launches Bangkok-Rome Route
Thailand's Potential as 'Switzerland of ASEAN' for Global Investment
Gold Prices Reach One-Week High Amid Geopolitical Tensions
Thai Economy Set to Grow 2.7% in 2024
Indonesia Considers Apple's $100 Million Investment to Lift iPhone 16 Ban
Bitcoin Nears Historic $100,000 Milestone
Southeast Asia's Online Scam Hubs Under Global Scrutiny Amid Crackdown on Trafficking Networks
ITA Airways Introduces Nonstop Flights from Bangkok to Rome
Exciting UA Combine 2024 Scheduled at Central Ladprao
Alcohol Poisoning Incidents in Vang Vieng, Laos
Thai Defence Minister Attends 18th ASEAN Defence Ministers’ Meeting in Laos
Thai Government to Expand Land Rental Program in 2025
Thailand's Ambitious Revamp of Event Venues
WHA Corporation Unveils Business Ecosystem at Open House 2024
Southeast Asia's Online Scam Hubs Draw Global Attention
Thailand's Strategic Moves: From Home Decor Expansion in India to Innovations in Safety, Finance, and Healthcare
Thailand's Surge in IPOs, 24/7 Hotel Alcohol Service for New Year, and Consumer Protection Efforts Highlight Dynamic Year Ahead
Thailand Boosts Tech Funding as It Navigates Global Diplomacy and Celebrates 50 Years with China
Thai Hostels Call for New Regulations Amid Financial Struggles
Thailand Emerges as a Leading IPO Market in Southeast Asia
EEC Approves New Medical Centre in Rayong to Boost S-Curve Industry Growth
CIMB Thai Auto Projects Growth in Used Car Loan Market
Successful Testing of Emergency Alert System in Phuket by AIS and NBTC
Index Living Mall Partners with Creaticity to Enter Indian Market
Trio Arrested for Distributing Fake Powdered Milk
Government Launches School Bus Safety Management Centre in Ayutthaya
Thailand Relaxes Hotel Alcohol Rules for New Year Celebrations
Thailand and China golden jubilee marking 50 years of great diplomatic ties between the two nations
Hotel booze rules relaxed over NY
Thailand in the region's top 3 for IPOs
Thailand and China Celebrate 50 Years of Diplomatic Relations
Trump Plans to Reverse Biden's Fuel and EV Regulations
Trump's Return Raises Questions for Southeast Asia
From Allergic Reactions to Cocoa Boons: Diverse Global Stories Unfold
Thailand's Rice Boom, Apple's Indonesian Investment, and The Rise of Deepfake Concerns: Global Headlines in Tech and Trade
Seven-Year-Old Coding Prodigy Sergey Offered Job by Russian IT Firm
Rising Demand for Indian Cocoa Beans
New Alcohol Control Bill Advances in Thailand
Ukraine Seeks Stronger Ties with Asean Amid War
×