Gold Price Rises as Markets Await Key Economic Data
Bangkok, October 26, 2023 – The price of gold in Thailand closed today’s market up 100 baht from yesterday’s levels, according to PPTVHD36.This increase comes ahead of a Bank of England (Boe) meeting scheduled for this evening at 19:30 hrs, and following the release of crucial United States economic indicators.
Investors are closely monitoring developments as the Federal Reserve’s Philadelphia Branch released its September production index alongside the latest weekly unemployment welfare figures from the United States. These data points are key to assessing the health of the world’s largest economy and influencing future monetary policy decisions, directly impacting gold’s safe-haven appeal. Technical analysis suggests gold is currently trading within a sideways pattern, fluctuating between support at $1,935 and resistance at $1,975. A break below the $1,925 support level could signal a potential downtrend.
