Gold Prices Rise On Weak Dollar, Bullion Hits 65,650 Baht
Gold prices surged 1,550 baht to 65,650 baht per baht-weight as a weakening US dollar and weak employment data boosted bullion markets globally.
Gold prices jumped 1,550 baht to track global markets as the US dollar weakened following disappointing non-farm employment data, while US-Iran negotiations progressed positively. On July 3, the Gold Traders Association raised 96.5% gold prices by 1,550 baht compared to the previous close, with bullion bars fetching 65,650 baht and ornamental gold at 66,450 baht per baht-weight. Global gold spot prices reached 4,183 US dollars per ounce at 33.16 baht per US dollar.
Huang Sheng Heng Gold Shop noted that global gold adjusted upward as the dollar index (DXY) dropped below 101 points following disappointing US non-farm employment figures showing only 57,000 new positions, far below economist forecasts of 114,000 and prior month's 129,000. CME FedWatch Tool raised expectations from 36.8% to 46.8% that the Federal Reserve may hold rates steady at the September 2026 FOMC meeting rather than raising them. Meanwhile, Qatar and Pakistan mediators completed discussions with Iranian and US negotiating teams in Doha on Wednesday, with both sides showing positive progress on a memorandum of understanding.
The unemployment rate came in at 4.2%, better than the forecasted and previous 4.3%, while SPDR gold fund sold 3.99 tonnes. Gold market analysis from overnight shows global gold prices continuing to rise, but one-hour charts show overbought conditions, suggesting a pullback may occur after testing 4,200 dollar resistance, with support at 4,120 dollars. If gold breaks below 4,100 dollars, further downside correction is likely.
