Bualuang Securities expects the price of gold to reach $2,300 this year, inviting investors to invest in gold futures to take advantage of gold's upward trend.

Pualuang Securities reveals that gold prices are bullish. Trading volume in the firm's gold futures products in January-February was supportive after the central bank signaled an easing of monetary policy. 67 2 increased compared to the previous month, this month stuck at the level of 2.5% and 5.2% respectively, which indicates that the price of gold in 2024 is positive. The research team sees US$2,300 per troy ounce as a target price. With the central bank signaling to cut interest rates 3 times this year, the situation in the Middle East shows no signs of ending anytime soon.

Senior Managing Director Mr. Bannarong Pichaiakorn bond trading business Bualuong Securities Public Company Limited sees 2024 as a good year for gold. From the beginning of 2024 to April 1, 2024, the price of gold increased from US$2,062.7 to US$2,249.9 per troy ounce, an increase of 9.1%, and rose to an all-time high of US$2,265.6. On April 1, representing a 9.8% return, it received positive factors from the central bank chief's signal to lower interest rates and conflict after Israel continued to attack Hamas in the Middle East region.

This is reflected in the trading volume of Pualuang Securities' gold futures from the increased gold price, encouraging more investors to speculate in the future. It has increased for 2 months in a row, 2.5% in January 2024 and 5.2% in February 2024 compared to the previous month. The market's total trading volume in January 67 increased by 15% compared to the previous month, but decreased by 14.4% compared to the previous month in February 67. Gold Online Futures, a gold futures contract with a reference product of gold bars with 99.5% purity. It is a popular product. It responds directly to speculation from the price of gold in the world market. The trading volume of the company in February is reflected. 67 increased by 9.4% even though the market's trading volume decreased by 14.6%.

For the gold price trend for the rest of 2024, Pualuang Securities Research Group has a positive outlook despite some profit-taking pressure. Looking at the gold price target of US$2,300 per troy ounce, an upside of approximately 2.2% from the closing price on April 1, 2024, key supporting factors

1. The central bank is expected to cut interest rates in 2024. We will start to see the first reduction in mid-2024 and is expected to cut interest rates 3 times to 4.50-4.75%. Current interest rate is 5.25-5.50%

2. Central banks around the world are likely to continue buying gold in 2024, having significantly increased their gold holdings over the past 2 years. Gold reserves increased by 15% from 1,948 tonnes to 2,235 tonnes and India's gold reserves increased by 6.6% from 754 tonnes to 804 tonnes.

3. Geopolitical Risks Currently, the situation in the Middle East is even worse. And it's not likely to end anytime soon, which will greatly boost the purchasing power of gold as a safe-haven asset.

4. The November election of America's 67. If “Donald Trump” is re-elected as president, there may be uncertainty in various policy areas, including international relations, especially with China. Investors have the opportunity to buy. Gold is a hedge against uncertainty that may occur in the future

5. A recovering economy in Asia may support demand for jewelery and industrial consumption, which will account for 55.4% of total gold demand in 2023.

In this regard, the price of gold is booming. We recommend that investors create opportunities to speculate on gold through futures products representing global gold markets in the Gold Online Futures section, which represents 99.5% pure gold bars and trades in USD per 1 troy ounce of gold. As with the price of gold, there is no exchange rate risk in the global market. It makes trading easy and convenient for investors who want to directly speculate on fluctuations in global gold prices. And does not want to receive or give physical gold

“The advantage of gold-based futures trading on TFEX is that income can be generated both on the upside and downside of the gold price. 1 Gold Online Futures using 23,975 baht for collateral (as of April 1, 2024) compared to a contract value of approximately 674,970 baht. Contract trading, known as forex, uses less money than actually trading gold. , equals 28.2 times leverage. In addition, you can easily access gold trading on the global market. There is no need to exchange dollars for trading. The bottle includes a profit and loss calculation to support it. There is law,” said Mr. Bannarong said.

Nowadays, commodity trading on TFEX is becoming more and more interesting for investors. This reflects a 5% increase in the company's number of new accounts in 2023 over the previous year. And the company's total commodity trading volume on TFEX increased by 12.1% in 2023 over the previous year. Meanwhile, the industry-related company's total market share in 2023 has risen from 6th place at 5.84% to 5th place at 4.95% in 2022.

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