Gold Prices Reach Record Highs Amid Geopolitical Uncertainty
Gold prices in Thailand have hit a historic high and may surpass 43,000 baht per baht weight. Global prices could climb to two thousand eight hundred dollars an ounce due to geopolitical tensions and potential US interest rate cuts. An uncertain US election also boosts gold's safe-haven appeal.
Gold prices in Thailand have reached a historic high, potentially surpassing 43,000 baht per baht weight, following a record of 42,400 baht.
The global price could soar to $2,800 an ounce by year's end due to geopolitical tensions and interest rate cuts, the Gold Traders Association reports.
Tensions in the Middle East have propelled gold to $2,710 an ounce.
An uncertain US election and expectations of Federal Reserve rate cuts bolster the safe-haven appeal.
Several central banks are increasing gold reserves amid US-China economic uncertainties.
The Fed's rate decisions and the strength of the Thai baht are crucial factors influencing prices.
Jitti Tangsitpakdee of the GTA suggests that continued Middle East conflicts, a potential Trump election victory, and US rate cuts could drive prices to $2,800 an ounce.
Locally, the strong baht constrains price surges, with the currency rising to 33.12-33.14 per dollar.
Varut Rungkhum from YLG Bullion and Futures indicates further Fed rate cuts might see gold hitting $2,900 early next year.