Association of Gold Dealers Monday, July 22, 2024 Gold Price Announcement. A 100-baht cut in trading costs could cut interest rates faster than expected from weak economic data.
- Bullion buys gold at 41,200.00 baht/baht and sells gold at 41,300.00 baht/baht.
- Gold Jewellery: Buy back gold at 40,462.04 baht/baht and sell gold at 41,800.00 baht/baht.
- 1 gold, price including gratuity is 10,825 baht.
- 2 gold, price including gratuity is 21,150 baht.
- Half a salung of gold costs 5,663 baht including gratuity.
Hua Cheng Heng Spot gold rose to a fresh high of $2,483, a fresh high. This was supported by the fact that the central bank may cut interest rates faster than expected from weak economic data. Hence, the central bank may cut interest rates by 3 times this year, however, spot gold prices will again face selling pressure. A reversal from this support level is possible until the price returns to the base at $2,395 from profit taking from the selling pressure.
Economic numbers to follow
This week's highlights depend on the announcement of US GDP numbers, which are estimates of the manufacturing and services sectors, including Core PCE at the end of the week.
Gold Price Analysis
Technically, global gold prices are gradually recovering from the critical support level at $2,393, which could be a reversal point, sending global gold prices back to new highs.
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