YLG reveals 4 factors supporting world gold to reach a new high of $2,160. Looking at the second half of the year, there is a chance of reaching $2,300, although in the short term there may be strong selling to make a profit.
Mrs. Pawan Nawawattanasap, Chief Executive Officer of YLG Bullion International Company Limited (YLG), the price of gold in the world market has risen to a new all-time high of 2,160 dollars per troy ounce. As a result, since the beginning of the year, the price of gold has increased by more than 4.50%, which is an interesting increase this time that has occurred since the month of March due to support from many factors as follows:
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Today’s gold price (March 7, 2024) in the country has increased by another 200 baht. Gold bars have returned to touch 36,050 baht.
Yaowarat almost broke. People flock to buy gold Hope to continue speculating After the price rose to a new record
1. Monetary policy of the Federal Reserve (Fed) Although in the past period investors had lowered their hopes for the Fed’s interest rate cut from the maximum of 6 times, it dropped to the zone of 3-4 times, therefore there was pressure to sell gold. However, the market has absorbed such factors. The price of gold has begun to recover and there is also concern over the declining employment sector. Therefore, it is a supporting factor for the price of gold to return to lively movement.
2. Central banks around the world continue to hold more gold. Since 2022, central banks around the world have purchased more than 1,000 tonnes of gold per year, up from approximately 400-600 tonnes per year last year.
3. geopolitical tensions which leads to the flow “De-dollarization” or reducing reliance on the US dollar used as international reserves. or used in international trade As a result, the demand for gold has increased.
4. Gold has transformed from a physical asset into a digital speculation. Resulting in more purchasing power from new investors. Especially since the outbreak of COVID 19 onwards.
Mrs. Pawan said that after the price of gold makes a new high in the short term, there may be some selling pressure to take profits. But the long-term picture of gold in 2024 is still in an upward direction. The big goal for the whole year, YLG, is still set at US$2,300 per ounce This is because in the second half of the year the interest rates went down. And the market expects that the Fed will continue its policy of maintaining low interest rates for 2-3 years, so the big picture for 2-3 years gold is still positive.
As for the price of gold bars in the country, 96.5% continued to reach all-time highs. The price reached a new high at 36,350 baht per gold baht. In addition to receiving the same supporting factors as gold in the world market, it also benefits from the baht depreciating near the 36 baht zone.
2024-03-07 08:27:00
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