The SET Index closed today at 1,427.11 points, down 23.64 points, -1.63%, fearing a Middle East war spreading to the economy. As for the price of gold, it changed 5 times, dropping a total of 150 baht/gold baht after rising to 750 baht. during the long holiday The market expects the price to increase further.
The SET Index closed today at 1,427.11 points, down 23.64 points, -1.63%, reflecting the stock market in Asia that closed negative. This is because investors sold stocks amid concerns that the Israel-Hamas war The intensification in the Middle East will cause the global economy to face instability. The conflict is likely to escalate to other countries, and markets are weighed by concerns about technology disputes between China and the United States. After the media reported that The US government plans to enact more stringent measures. This is to prevent China from gaining access to modern semiconductors and chip manufacturing equipment. The United States sees that China may use these modern technologies to develop its military.
As for the gold price today (Oct. 16), it changed 5 times, decreasing by a total of 1 50 baht/baht of gold after increasing to 750 baht during the recent long holiday, including the Gold Spot breaking through 1,900 baht/baht. ounces, which during Saturday, October 14, 2023, the price of gold at the opening of the market has skyrocketed to more than 550 baht/baht of gold in response to the conflict situation in the Middle East, with the price of gold for the 5th time, gold jewelry selling out at 33,350 baht/baht. Gold. The purchase price is 32,154.36 baht/baht of gold. For gold bars, they sell out at 32,750 baht/baht of gold and buy at 32,850 baht/baht of gold. The gold spot is at 1,913.00 dollars per ounce.
The Gold Research Center conducted the GRC Gold Survey and found that the results of the weekly survey of views on the direction of gold prices in the country between 16-20 October 2023 saw that most The price of gold has a chance to increase. From the situation of fighting between Israel and Hamas. which is an armed group in Palestine It is one factor that causes the price of gold to increase. This is because investors buy gold as a safe asset. Of the 14 gold market experts who participated in the survey, 8 of them, or 57%, expected that the price of gold next week would increase. As for 2 4 cases, or 29%, expect the gold price to be similar to last week.
For gold investors 336 people participated in the survey, of which 208 people, or 62%, expected that the price of gold in the country next week would increase, while 78 people, or 23%, expected that the price of gold would decrease and Number of 50 cases, or equivalent to 15%, expected that the price of gold would be similar to last week.
Gold price situation Gold price situation The price of gold bars in the country is 96.5% as announced by the Gold Traders Association. In the past week, it moved between 32,150 - 33,000 baht per gold baht, with the gold price closing at 33,000 baht per gold baht, an increase of 950 when compared to the closing price of the previous week. (Previous week closed at 32,050 baht)
In addition, there are factors that must be monitored. Additional information includes: Policy of the Federal Reserve (FED) Gold futures are still under pressure from the possibility that the FED may raise interest rates again after the release of stronger-than-expected non-agricultural employment data last week.
Situation of fighting between Israel and Hamas which is an armed group in Palestine It is one factor that causes the price of gold to increase. This is because investors buy gold as a safe asset.
Reports on important US economic figures include the results of the FED New York and Philadelphia FED manufacturing survey for October 2023, retail sales, industrial production, home building starts, used home sales. In September 2023, a report summarizing the economic situation in all 12 districts or the Beige Book and the number of people applying for weekly unemployment benefits.
Source: Thai News Agency