Bangkok: Thai gold prices have experienced a significant increase of 33% since the beginning of the year, while global gold prices have surged by 43%, marking the best returns in 46 years.
According to Thai News Agency, Ms. Pawan Nawawattanasap, CEO of YLG Bullion International Co., Ltd., announced that the Thai gold price has reached an all-time high of 57,000 baht per baht of gold, surpassing YLG’s initial target for the year. This increase represents a rise of 14,350 baht per baht of gold or 33.73% since the start of the year.
YLG reports that the global gold price has increased to US$1,140.72 per troy ounce, a 43.48% rise since the beginning of the year. This surge is attributed to various factors, including increased holdings of the SPDR Gold Fund and strong demand for gold in India, alongside concerns about a potential US federal government shutdown. The Thai gold target remains at 57,000 baht per baht of gold, with the possibility of reaching 60,000 baht if the baht remains weak.
The sharp rise in gold prices is supported by two main factors: the continued increase in global gold prices and the weakening of the baht. The US dollar is weakening due to expectations of interest rate cuts by the Federal Reserve, and the SPDR Gold Trust has increased its holdings to the highest level since August 2022. Additionally, strong demand for gold in India has contributed to the price surge.
YLG has maintained its initial target for domestic gold at 57,000 baht. However, if the baht strengthens, the likelihood of testing the next target of 60,000 baht diminishes. Investors are advised to sell some gold if the price does not surpass the initial target and to buy back during dips, provided the price remains above the support level of 55,000 – 50,000 baht per baht of gold.
Investors can easily participate in gold investment through the Get Gold by YLG application, which allows for an initial investment of just 100 baht. The application offers real-time, 24/7 trading of Gold Spot gold and has been well-received by the new generation of investors. The platform is secure and user-friendly, enabling swift identity verification and document submission, with approval results available within one day.