Golden Savings

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.

Gold Prices Dip‌ $300 Amid ⁢Rate Cut Expectations,Geopolitical Tensions

Gold ⁢prices closed lower today,decreasing by 300 baht from the previous day,as investors weighed expectations of⁤ potential interest rate cuts by ‍the U.S.‍ Federal ‍Reserve against ⁤ongoing global uncertainties. The shift comes after the united ‍States reported sluggish employment numbers, bolstering predictions – now at 90% among ⁤investors – that the Fed will reduce interest rates this month, a figure increased ⁣from prior expectations​ of two cuts this year to three.

These anticipated rate reductions are considered a key factor driving gold prices,traditionally ​a safe-haven asset. Further fueling investor‍ interest in gold are escalating​ geopolitical tensions, including the conflict in Ukraine and the ongoing ‍situation in the Middle East. Ukraine has announced retaliatory attacks into Russian territory‍ following a Russian drone attack on Ukrainian⁣ power ​plants, leaving approximately 60,000 households without electricity. Together, the ⁢conflict ​between Israel and Hamas continues, with Israel deploying tanks into gaza and the Huthee group targeting ​oil carriers linked to Israel in the ⁢Red Sea.Despite these ​factors, analysts suggest potential for profit-taking after a period ⁣of sustained gains in gold prices, coupled ⁤with the weaker-then-expected U.S. economic data. The projected ​trading range for gold this week is ​$3,545 – $3,650 per ounce, with a⁢ recommendation to buy during price ​dips.