Hua Seng Heng forecasts gold prices to surge to $4,900-5,000 per ounce this year, or Thai gold prices around 74,000-75,000 baht per baht weight, after prices broke through the key resistance at $4,500-4,515, which is the 200-day moving average, turning the medium-to-long-term trend positive. Supporting factors include the U.S. Treasury increasing the maximum size of long-duration bond buybacks per operation from $2 billion to at least $4 billion, covering 10-20 year and 20-30 year maturities, from September 9 to November 4, 2026. Meanwhile, U.S. government debt surpassed $40 trillion for the first time, which may pressure gold in the short term via bond yields but serves as a structural support in the long run. Additionally, central bank buying remains strong, with net purchases of 289 tonnes in Q2, up 62% year-on-year, and gold ETFs saw net inflows of about $3 billion in July, increasing holdings by 23 tonnes to 4,068 tonnes. The market is watching the Jackson Hole symposium from August 27-29 for signals on the Fed's rate direction ahead of the September FOMC meeting. Hua Seng Heng advises investors to be cautious of short-term profit-taking and views pullbacks as accumulation opportunities if the price structure maintains the uptrend.
Central bank buying and ETF inflows support gold prices.
Hua Seng Heng forecasts gold price surge, benefiting its business.
