Thai Gold Prices Surge Past 47,500 Baht as Global Markets Fluctuate
The Thai gold market experiences significant gains, with prices influenced by international trends and geopolitical tensions.
On March 14, 2023, gold prices in Thailand continued their upward trajectory, reaching 47,500 Baht per Baht weight for 96.5% gold purity.
This marks a 500 Baht increase compared to the previous day's closing price, as reported by the Gold Traders Association.
The primary driver for the increase in gold prices has been a surge in the global market, where gold reached an all-time high of 2,989 USD per ounce.
Concerns regarding trade wars have been pivotal, particularly after U.S. President Donald Trump threatened to impose tariffs of up to 200% on imported alcohol and wines from the European Union, after the EU announced a 50% tariff on U.S. whiskey imports.
Additionally, the latest Producer Price Index (PPI) from the U.S. indicated a February increase of 3.2%, which was lower than market expectations and the previous month’s figures.
The SPDR Gold Trust has also purchased 7.17 tons of gold recently, further affecting market dynamics.
Despite the gains, analysts note that the gold price has surpassed key resistance levels between 2,950 and 2,955 USD per ounce.
Technical indicators suggest continued upward movement, with potential resistance levels at 2,965 and 2,950 USD per ounce, and targets nearing 3,000 USD.
In the Thai market, gold bar prices have now broken through the key level of 47,000 Baht per Baht weight, with expectations that prices may continue to rise.
Key support levels are seen at 47,250 and 47,100 Baht per Baht weight, while resistance levels are anticipated at 47,650 and 47,800 Baht per Baht weight.
For the month of March, Dr. Pipoonrit Viriyaphol, Director of the Gold Research Center at the Gold Traders Association, reported an increase in the gold price confidence index, rising from 72.67 in February to 74.48 in March, an increase of 1.81 points or 2.49%.
The rising index reflects an increased demand for safe-haven assets, economic policies from the U.S. administration, central bank purchases globally, speculation, and ongoing trade tensions.
Looking forward, the price forecasts from major gold traders project the world gold market (Gold Spot) to average between 2,783 and 2,983 USD per ounce.
The domestic price for gold bars at 96.5% purity is expected to average between 45,900 and 47,900 Baht per Baht weight, with the Thai Baht expected to hover between 33.09 and 34.54 Baht per USD.
These factors contribute to an environment where gold investment strategies may focus on acquiring gold during price dips and selling for profit during price increases, all while considering significant support and resistance levels along with potential risks impacting gold prices.
This marks a 500 Baht increase compared to the previous day's closing price, as reported by the Gold Traders Association.
The primary driver for the increase in gold prices has been a surge in the global market, where gold reached an all-time high of 2,989 USD per ounce.
Concerns regarding trade wars have been pivotal, particularly after U.S. President Donald Trump threatened to impose tariffs of up to 200% on imported alcohol and wines from the European Union, after the EU announced a 50% tariff on U.S. whiskey imports.
Additionally, the latest Producer Price Index (PPI) from the U.S. indicated a February increase of 3.2%, which was lower than market expectations and the previous month’s figures.
The SPDR Gold Trust has also purchased 7.17 tons of gold recently, further affecting market dynamics.
Despite the gains, analysts note that the gold price has surpassed key resistance levels between 2,950 and 2,955 USD per ounce.
Technical indicators suggest continued upward movement, with potential resistance levels at 2,965 and 2,950 USD per ounce, and targets nearing 3,000 USD.
In the Thai market, gold bar prices have now broken through the key level of 47,000 Baht per Baht weight, with expectations that prices may continue to rise.
Key support levels are seen at 47,250 and 47,100 Baht per Baht weight, while resistance levels are anticipated at 47,650 and 47,800 Baht per Baht weight.
For the month of March, Dr. Pipoonrit Viriyaphol, Director of the Gold Research Center at the Gold Traders Association, reported an increase in the gold price confidence index, rising from 72.67 in February to 74.48 in March, an increase of 1.81 points or 2.49%.
The rising index reflects an increased demand for safe-haven assets, economic policies from the U.S. administration, central bank purchases globally, speculation, and ongoing trade tensions.
Looking forward, the price forecasts from major gold traders project the world gold market (Gold Spot) to average between 2,783 and 2,983 USD per ounce.
The domestic price for gold bars at 96.5% purity is expected to average between 45,900 and 47,900 Baht per Baht weight, with the Thai Baht expected to hover between 33.09 and 34.54 Baht per USD.
These factors contribute to an environment where gold investment strategies may focus on acquiring gold during price dips and selling for profit during price increases, all while considering significant support and resistance levels along with potential risks impacting gold prices.
