Majority of Thai Gold Investors Expect Prices to Fall This Week
Nearly half of Thai gold investors expect prices to fall this week as elevated US Treasury yields and Federal Reserve policy tightening pressures the market, with gold bars closing last week at 67,850 baht per baht-weight.
The Gold Research Center's latest GRC Gold Survey shows 45% of investors expect domestic gold prices to fall next week, while 46% of experts predict prices will move similarly to the previous week. Among 13 surveyed experts, 31% forecast a price increase, 23% expect a decline, and 46% anticipate sideways movement. A survey of 330 gold investors found 38% expect a price rise, 45% predict a decline, and 17% foresee stable prices. Last week, 96.5% purity gold bars closed at 67,850 baht per baht-weight, down 1,200 baht from 69,050 baht the previous week, trading within a range of 67,450 to 68,950 baht. Key factors to watch include US Treasury bond yields and Federal Reserve policy, as yields remain elevated and inflation concerns have increased, prompting expectations of tighter monetary policy that pressures gold prices. Investors should also monitor Federal Reserve officials' statements and US economic data to assess future interest rate direction. China's October 1-7 national holiday may reduce trading activity and liquidity from the Chinese gold market. Important US economic indicators to track include GDP, the Personal Consumption Expenditures Price Index, ISM Manufacturing and Services Indices, ADP private employment figures, and nonfarm payrolls data, all of which will guide gold's direction.
