Catching the wealth signal “World gold price” connects to “Thai gold price” after the US Federal Reserve or Fed cut interest rates by 0.50% for the first time in 4 years and also signaled a further 0.50% cut for the rest of this year.
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Catching the wealth signal “World gold price” connects to “Thai gold price” after the US Federal Reserve or Fed cut interest rates by 0.50% for the first time in 4 years and also signaled a further 0.50% cut for the rest of this year.
In this game, investors must plan their investment strategies to build on their wealth. INN news agency has the answer. That’s because during the period when the Fed cut interest rates at the end of the week, the world gold price or Gold Spot shot up to a new high. The latest on September 21st was closed at 2,621 dollars, while the Thai gold price has also increased. Gold bars are bought at 40,700 baht per baht and sold at 40,800 baht per baht. Gold ornaments are bought at 39,961 baht 76 satang per baht and sold at 41,300 baht per baht. “Dr. Krichrat Hiranyasiri,” Chairman of the Board of Directors of MTS Gold Group (Mae Thong Suk), told INN news agency about the gold investment strategy after the US Federal Reserve cut interest rates. He said that at this time, the Fed’s stance must be closely monitored because cutting the interest rate by 0.50% was considered a quick action and had a significant impact on the gold price. “Now it is a step that we must continuously monitor because the Fed has acted quite quickly as we expected. Therefore, in the next period, it should be a matter of close monitoring because the price is likely to fluctuate upwards and there will be profit-taking periodically as before. This is something that investors should keep an eye on because the Fed’s interest rate cuts are likely to continue until the end of the year.” Dr. Krichrat also said that every time the Fed cuts interest rates, it leads to an increase in gold prices. The next Fed meeting is in November and it is expected that the interest rate will be reduced again. “The next Fed meeting will be in November, and as you can see, we expect another interest rate cut, maybe by 0.25 or 0.5. But every time the interest rate is reduced, it leads to an increase in gold prices because the value of the dollar is likely to weaken. This is something that we will have to keep an eye on to see what the Fed will do in the long term.” When asked the chairman of the MTS Gold group, Maetongsuk, about the gold investment strategy, when should he buy? The answer was interesting. “Gold makes an all-time high, breaking through every resistance. So the next focus is where will it go, how much will it go, and what will investors do? He said that everything depends on closely following economic figures and the Fed’s ideas. Because everything will be a matter of adjusting according to the economic situation and the CPI that comes out. Therefore, I must say that the next focus should be on 2,650 dollars after breaking through 2,600 so quickly. At this point, in terms of investment, I just emphasize that buy when the price weakens around the support level of 2,580 and sell when the price bounces back up. At this level, sell to make a profit periodically. The short-term resistance that is likely to be sold to make a profit is around here, around 2,615 to 2,620. I believe that around here, it is likely to be sold to make a profit first and then buy when the price weakens.” Meanwhile, “Mrs. Pawan Navawatthanathap”, Chief Executive Officer of YLG Bullion International Co., Ltd. (YLG), said that within this year, gold has a chance to make a new high. YLG sees a new target price of 2,650-2,700 US dollars per troy ounce because the Fed’s entry into a 2-year downward interest rate cycle will be the main long-term support for the gold price. In addition, there are other strong positive factors, such as geopolitical factors that are still creating concerns in many areas. And the return of gold purchases for 4 consecutive months of gold ETF funds from May to August is also a factor pushing the gold price to increase, including central banks around the world that continue to purchase gold continuously in the long term. In the first half of 2024, they purchased a total of 483.3 tons of gold, the highest in the history of the first half of the year. For the domestic gold price during this period, even though it is under pressure from the baht, which is the strongest in the ASEAN region, every time the baht strengthens by 10 satang, the gold price will decrease by about 90-120 baht per baht of gold. Every time the baht strengthens, it puts pressure on the domestic gold price to decrease. However, there is a chance that gold will reach 41,800 baht per baht of gold and the next target is in the zone of 42,600-43,000 baht per baht of gold.
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