The New Year has seen a continuation of the bustling gold trading atmosphere in the Yaowarat area in Bangkok.
Despite high gold prices the public remains interested in purchasing gold as an asset using their bonuses. Some intend to gift gold to elder relatives or keep the asset as a long-term investment. The lively gold trading atmosphere is expected to continue through the Chinese New Year period in February.
Last year, gold prices fluctuated significantly, with gold bars selling between 29,550 and 34,400 baht. In the international market, Gold Spot prices ranged from 1,800 to almost 2,150 US dollars per ounce, marking a record high.
For 2024, an analyst from Hua Seng Heng Company Limited predicts that gold prices will continue to rise, potentially reaching new record highs. This increase is attributed to several positive factors, particularly the strengthening Thai baht, which could drive gold bar prices to a maximum of 34,800 baht if the baht reaches 33.50 baht per US dollar.
However, global economic factors, which many analysts believe could lead to a recession, must still be monitored, as they could impact gold prices.
Regarding the Easy E-receipt measure, the analyst sees it as unlikely to significantly boost gold trading activity since it only allows for tax deductions on the “premium” paid for gold. (NNT)
