Thai Gold Eyes 65,400 Baht as Global Price Nears $4,150

Leng Hong Commodities assesses the gold market direction for the week of November 9-13, 2026, noting early recovery signals after prices rebounded from a low of over $200, driven by safe-haven buying amid tech stock volatility and geopolitical risks. Markets are watching US CPI and PPI inflation data for Fed rate direction. The firm sets support at $3,970 and resistance at $4,150, while Thai gold could test 65,000-65,400 baht.

Patrin Wachirakoparn, Chief Operation Officer of Leng Hong Commodities, evaluates the weekly gold price trend, stating the overall picture shows improving signals. Although prices have not yet returned to stand above $4,100 per ounce, they have not broken support at $4,050. She assesses prices may consolidate lower but should not break $3,970, with risk provision around $3,920. If gold maintains above $3,970 and breaks through $4,150, it would be a significant positive signal improving the investment outlook.

"Previously, gold prices corrected to new lows, entering oversold territory, which we assessed had a chance of buying pressure returning to support prices — and that happened, with prices rebounding over $200 from the low, helped by US election news flow. However, the recovery is not yet strong enough, causing prices to pull back to consolidate again," Patrin said.

US politics and war are key variables for gold direction. Patrin notes that despite improving overall gold trends, geopolitical risks remain, particularly US-Iran tensions with high uncertainty — including reports of attacks on southern Iranian island targets, negotiation signals, and nuclear stance — making it unclear whether the situation will de-escalate or intensify.

Meanwhile, the US midterm election results where Republicans lost is another factor to monitor, as it may affect President Donald Trump's political stance and decisions, especially when new Congress members take office around January 3, 2027, creating a period of potential political change.

However, if no new events escalate conflicts, the overall gold market outlook is improving with chances to regain safe-haven interest.

Oil prices are another variable to track. When gold rebounded to around $4,145, oil prices declined and, despite a slight recovery, remain below $100 per barrel, reflecting that geopolitical and energy factors remain linked to asset directions.

Key factor to watch: CPI-PPI For economic factors, weight is given to US inflation data releases: Consumer Price Index (CPI) on Tuesday, November 10, and Producer Price Index (PPI) on Friday, November 13, both at 8:30 PM Thailand time. Core CPI is expected to decline 0.1 points from 0.3% to 0.2% — though a modest decline, it is important data the market will use to assess inflation trends and Fed monetary policy direction. Meanwhile, Nonfarm Payrolls came in higher than expected...