Today’s gold price (January 25, 2024) Foreign gold last night closed negative, US bond yields put pressure on after strong PMI numbers but there were positive signs before Chinese New Year.
Spot gold prices are stable from both positive and negative factors. The negative factor comes from the expectation that the Fed will not cut interest rates in March. But the Fed will postpone the interest rate cut at its meeting in May. Positive factors come from strong buying of gold before the Chinese New Year festival. From statistics dating back 10 years
Today’s gold price (24 Jan. 2024) in the afternoon has been adjusted 3 times. Gold bars sell for 34,300 baht.
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Spot gold prices were found during the 1 month before the Chinese New Year festival. Gold prices often rise. It was found that the price of gold increased 7 times out of 10 times.
This is information on gold prices in 2023 during the 1 month before the Chinese New Year Festival. Gold prices have continued to rise until the Chinese New Year festival. and provides a return of up to 6.21%. In addition, the price of gold is stable. From investors waiting for the 4th quarter GDP of 2023 and the Core PCE index of the United States.
Economic numbers to follow
Tonight the United States releases its January manufacturing PMI index. The market is expected to drop to 47.6 from 47.9 in December and the January service sector PMI The market is expected to be stable at 51.4.
Gold price analysis
Technical signals of gold prices are still trending down. However, gold prices have dropped. But there is strong buying of gold. It is expected that the price of gold will still move in the range of 2,020-2,042 dollars.
Mr. Poon Panichphibun, money market strategist, Krungthai GLOBAL MARKETS, Krung Thai Bank, revealed that in the view of market players who believe The Fed will not be in a hurry to cut interest rates as previously estimated, as well as the risk exposure of the US stock market, which has pressured the price of gold (COMEX gold contract for delivery in February) to drop, testing the short-term support zone around $2,010 per ounce, again.
Some market players may be waiting for the right time to gradually buy gold in the said zone. to hope for a short-term rebound This is because in the past this support zone was often the zone where gold prices could see a rebound of around +20 dollars per ounce. In addition, the flow of transactions to buy gold during periods of contraction also played a part in putting pressure on the baht. Volatility weakens
The New York gold market closed negative on Wednesday (January 24) after reports that the US Purchasing Managers’ Index (PMI) rose strongly. This may cause the US Federal Reserve (Fed) to hold interest rates high for longer than expected. In addition, the gold market is also under pressure from the surge in US bond yields.
Gold contracts on the COMEX (Commodity Exchange) market will be delivered in February. fell $9.80 or 0.48% to close at $2,016/ounce.
Source: Hua Seng Heng
2024-01-25 00:29:00
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