SET50 Index Surges as Gold Prices Dip Amidst Global Tensions
The Thai stock market experienced a boost Wednesday, with the SET50 index closing at 926.46 points, an increase of 8.01 points, or 0.87%. This rally was driven in part by strong performance from major companies like TRUE, AOT, CPALL, GULF, and DELTA, which analysts suggest benefitted from investment inflows from the Vayupak and ThaiESG funds. Natthaphon Khamthakruea, Director of Securities Analysis Department at Yuan (Thailand), noted: “"That is money from Vayupak Fund and ThaiESG Fund, expect S50Z24 tomorrow right to continue, resistance level 32 points, support level 922 points, long recommended."
Meanwhile, the price of gold saw a downward trend, pressured by the strengthening US dollar and statements from US President-elect Donald Trump. Trump’s warning to BRICS member countries against establishing alternative currencies or supporting gold over the US dollar further emphasized the pressure on gold prices.
Threats of hefty 100% import taxes by Trump added fuel to the fire, leaving analysts cautious about gold’s prospects. "The price of gold is still resting," noted one expert. Resistance is currently seen at 2,660 coins / ounce, with support at 2,625 coins / ounce.
[ Insert Image or Chart depicting SET50 Index performance and Gold Price Trend]
This juxtaposition of a surging stock market against a dipping gold price highlights the complex interplay of global economic forces currently at play.
Investors Action:
- SET50 Index: Analysts recommend a "long" position on the SET50, predicting further gains in the coming days.
- Gold: Traders are advised to operate within a cautious range, as Trump’s actions continue to cast a shadow on the future of gold prices.
The current market dynamics underscore the importance of a diversified investment portfolio, allowing investors to navigate the unpredictable terrain of global finance.
2024-12-02 11:32:00
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