Federal Reserve (FED) · Bangkok Post
Rising inflation fears pressure bullion price
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Global gold prices could drop to US$4,200 an ounce in this cycle, translating to a domestic price of around 66,000 baht, as the market has begun pricing in the possibility of a Federal Reserve interest rate hike in the second half of the year amid rising US inflation, says the Gold Traders Association (GTA).
Key facts
- Global gold prices could drop to US$4,200 an ounce in this cycle, translating to a domestic price of around 66,000 baht, as the market has begun pricing in the possibility of a Federal Reserve interest rate hike in the second half of the
- Jitti Tangsithpakdi, president of the GTA, said bullion had fallen by $100 as of midday yesterday to a two-month low of $4,387 an ounce following three consecutive days of declines.
- The GTA predicts gold could fall to $4,200 an ounce in the near term, pushing domestic gold bar prices down to around 66,000 baht per baht-weight, he said.
- Siriluck Pakotiprapha, vice-president of the research department at Hua Seng Heng Futures Co, expressed a more bearish view, noting gold could fall to test a previous low of $4,100 an ounce.
- Bullion could lose further ground, falling below $4,400 after the US military carried out a fresh attack on Iran on Thursday,"
- Oil prices jumped more than 3% yesterday after Iran's Revolutionary Guards said they targeted a US airbase in response to the attack.
Summary
Jitti Tangsithpakdi, president of the GTA, said bullion had fallen by $100 as of midday yesterday to a two-month low of $4,387 an ounce following three consecutive days of declines.
Recent US attacks on Iran pushed oil prices higher, stoking concerns over rising inflation and clouding the interest rate outlook.