Ms. Tipa Nawawattanasub, Chief Executive Officer of YLG Bullion and Futures Company Limited (YLG), stated that on September 2, gold price reached the new record high of USD 3,508.33 per ounce after the U.S. President Donald Trump posted on Truth Social that the reason he imposed a 50% import tariff on India’s products is because India has been taking advantage of the U.S. Furthermore, he also stated that the trade between the two nations is a “one sided disaster,” which increases the trade tension between the U.S. and India, raising the gold demand as investors view it as the safe-haven assets.
YLG forecasted that the gold price is likely to reach a new record high again during the remainder of this year after it increased according to the company’s previous estimation. In the fourth quarter, the gold price is likely to head into a positive direction due to various factors that support it despite constant profit-taking. One of those factors is the likelihood that the federal reserve will lower the interest rate, following the weakening of the U.S. key economic figure, such as the employee rate.
This year, YLG estimated that the gold price will remain between USD 3,500 to 3,700 per ounce, even though the gold price reached the target of USD 3,500 per ounce twice already. YLG expects the price to extend to USD 3,600 and USD 3,700 if the fundamentals continue to support the price.
For investors who plan to make short term investment in gold, YLG stated that the gold price’s support level would be at USD 3,437 – 3,450 per ounce, while its resistance level would be at USD 3,508 – 3,540 per ounce. As for 96.5% domestic gold bars, its value should remain between THB 52,500 – 54,100 per baht of gold (calculated based on the exchange rate of USD 1 per THB 33.24).
