2023-10-20 23:52:00
Reporters reported that Gold Traders Association Announcement of gold trading prices on 20 October. Opening the market, prices still hit an all-time high. Gold bars were sold per gold baht at 34,050 baht, an increase of 450 baht from the previous day. Gold bars were bought at 33,950 baht. As for the price of gold jewelry The selling price was at 34,550 baht and the buying price was 33,336.84 baht. Throughout the day, the gold price moved 5 times to stand at the price of gold bars, selling at 34,250 baht, buying at 34,150 baht, and gold jewelry, selling at 34,750 baht, buying at 33,533.92 baht, while the gold price World market (Gold Spot) is at 1,979 USD per ounce.
Mr. Thanarat Phasawong, Chief Service Officer of Hua Seng Heng Gold Futures Co., Ltd., said that gold prices have continued to rise sharply due to tensions in the Middle East. There is a tendency for violence to escalate. causing money to flow out of risky assets Buy gold as a safe asset. The chairman of the US Federal Reserve (Fed) stated that the Fed is committed to controlling inflation within the target of 2%, while the SPDR fund holds gold as before.
Looking at the trend of gold prices, there is a chance of rising to test the important resistance level at 1,980 US dollars per ounce. But it may be hit by selling pressure to make a profit. At this time, there is starting to be a strong selling force to make a profit. Investors need to closely monitor the situation in the Middle East.
The reporter further reported that On the same day (20 Oct.), the Thai stock market was hit by heavy selling pressure. The index dropped sharply throughout the day. Before closing at 1,399.35, down 23.69 points, the index made a new low in almost 3 years with a trading value of 52,983.02 million baht. Foreign investors sold a net amount of 1,215.31 million baht, with the Thai stock market index falling in the same direction as the stock market all over. word
Mr. Nattaphon Khamthakruea, Director of Analysis Yuanta Securities (Thailand) Co., Ltd. said it saw strong selling of stocks to reduce risk due to concerns regarding the Israeli war. While there is still no strength to buy shares from investors. Because investors still don’t dare. causing large stock prices to flow down continuously Because the war situation is still being fought continuously and may be severely prolonged, while US bond yields are still rising high. Even though the Fed sent a signal to keep interest rates steady It reflects that investors are still more concerned regarding the economy.
Mr. Phakorn Peetathawatchai, director and manager of the Stock Exchange of Thailand, said that the overall Thai stock market which has dropped sharply during this period is in the same direction as stock markets around the world. There are main pressure factors from conflicts in the Middle East that affect the price of oil in the world market to increase, affecting inflation and interest rates in the United States to remain stable at a high level. It has an impact on investments around the world.
However, an important factor that will push the Thai stock market to be bright is that all parties, including the market, government and private sectors, must provide more information to foreign investors. It can be seen that at present the government sector See the importance of providing economic and investment information. At the end of November 2023, the government sector will go on a roadshow to provide information to fund managers. and major foreign institutional investors in Singapore
“The public and private stock exchanges must work together to build confidence for investors to understand the fundamentals and strengths of the Thai economy and stock market. to attract foreign investment back to invest”
Mr. Phakorn also mentioned The issue of energy prices being affected by war or violence in the Middle East, he said, does not have a negative impact on all industries or listed companies. There are only some groups. Investors should consider this information carefully. Due to the current information change quickly And it might be a good opportunity for investment as well.
“We need to carefully look at the data on the impact of energy prices to see what positive or negative effects they have on Thai listed companies. Which businesses are affected? While some businesses will benefit, so I would like to leave investors with careful analysis in every aspect. Because it may be a good investment opportunity in some businesses”.
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