The retail price of 96.5% gold in Thailand rose 200 baht per baht-weight this morning, moving against global gold, which declined. The Gold Traders Association announced its first price of the day at 9:05 a.m., with gold bars bought at 67,400 baht per baht-weight and sold at 67,600 baht per baht-weight, while gold ornaments were bought at 66,052.12 baht per baht-weight and sold at 68,400 baht per baht-weight. Hua Seng Heng Gold Futures said global gold has still been unable to break through resistance at 4,320 dollars, but the overall picture remains a sideways downtrend, with a chance to rise if it holds above support at 4,253 dollars, and it may correct further if it falls below the next support at 4,200 dollars. Global gold is being pressured by the dollar index, which rose for a third day to 99.61 points from 98.75, and by the 10-year US bond yield, which climbed for an eighth day past 5.00% from 4.77%, after Brent and WTI crude oil prices stayed above 100 US dollars per barrel. Meanwhile, Qatar warned that if shipping through the Bab el-Mandeb strait is disrupted following the closure of the Strait of Hormuz, oil supply could be severely affected. A survey of analysts and fund managers by CNBC found that most analysts expect the Fed to raise interest rates at least twice in 2027, and more than one in three expect three or more hikes, after the Strait of Hormuz crisis risked staying closed for at least another month. The SPDR fund bought 2.85 tonnes of gold.
Global gold pressured by a stronger dollar index and rising US yields, but Thai retail gold rose 200 baht and SPDR bought 2.85 tonnes, giving mixed signals.
10-year US bond yield climbed for an eighth day past 5.00% from 4.77%, driven by oil above $100 and Fed rate-hike expectations.
