InfoQuest – Spot gold prices continue to rise. Recently, it reached 2,741, setting an all-time high today. As for the price of gold income, it went back above the level of 2,750 dollars.
However, technical factors warn that gold prices have risen too much, with the Relative Strength Index (RSI) currently at 74. RSI values above 70 indicate that gold prices have enter the zone. “Too much buying”
At 8:49pm Thai time, the spot gold price added 20.49 dollars or 0.75% to 2,741.95 dollars/ounce. which is the highest on record.
As for gold contracts on the COMEX market (Commodity Exchange), delivered in December. it added $14.00 or 0.52% to $2,752.90/oz.
Gold prices have risen more than 32% since the start of 2024, supported by expectations that the US Federal Reserve (Fed) will continue to cut interest rates at its monetary policy meetings in November and December. Although strong economic figures were released
Lowering interest rates lowers the opportunity cost of holding gold. This is because gold is an asset that does not return in the form of interest.
At the same time, investors flocked to buy gold as a safe-haven asset. amid a tense situation in the Middle East Including uncertainty about the results of the US presidential election on November 5.
Gold prices were also supported by ETF orders, with the World Gold Council (WGC) indicating that capital inflows into gold ETFs for the fifth straight month in September amounted to 1.4 one billion
2024-10-22 21:10:00
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