The Gold Dealers Association reported on Friday, August 9, 2024 that gold prices closed yesterday's market “up 300” after foreign gold rose sharply above $2,400.
- Bullion buys gold at 40,400.00 baht/baht and sells gold at 40,500.00 baht/baht.
- Gold Jewellery: Buy back 39,673.72 baht/baht gold and sell 41,000.00 baht/baht gold.
- 1 gold, price including gratuity is 10,625 baht.
- 2 gold, price inclusive of gratuity is 20,750 baht.
- 5,563 baht in gold, including gratuity.
Mae Thong Suk The price of gold indicated a gain of about $30 after testing short-term support around $2,375 and retracing above $2,400. Amid strong buying from the SPDR gold fund yesterday, it bought 2.87 tonnes and now holds 846.91 tonnes, while the market focused on the central bank's interest rate cut. The central bank is expected to cut interest rates faster and more than before.
Analysts at several banks, including JPMorgan, Citigroup and Wells Fargo, all expect the Fed to cut interest rates by 0.50% at its September 17-18 meeting.
Gold prices remained stable and moved within the range of 2,380-2,410 coins, which is still in a period of reconsolidation of strength. Today, the price of gold is expected to be $2,395 and the resistance level of $2,435. Support is expected to be at $2,435 and resistance at $2,475.
As for the Thai gold price, the short-term support level will be around 40,000 baht/baht gold. And there is resistance at 40,600 baht/gold baht
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