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Sunday, May 5, 2024

Traders upbeat on prospects for gold prices

The domestic gold price reached a record high of 33,550 baht per baht weight last Wednesday when the local currency plunged to 36.28 baht to the dollar.

A clear signal from the Federal Reserve this week that another rate hike is possible this year and rates will likely remain elevated throughout 2024 affected not only stock markets and currencies, but also gold prices.

The Fed statement on Wednesday led the US dollar and bond yields to rise and added selling pressure to gold as investors lowered their price expectations for the precious metal over the coming months.

As a result, gold prices retreated on Thursday, with…

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