Hua Seng Heng expects the MPC to raise interest rates this September by 0.25%, sees the baht stable at 37 baht/dollar, doesn’t affect gold prices, looks at a frame of 29,000 – 29,500 baht. Looking forward to next year, the world economy is still declining – welcome the new year and the Chinese New Year
Mr. Thanarat Phasawong, Chief Executive Officer Hua Seng Heng Group revealed to “Thai e-finance news agency” that after the US Federal Reserve (Fed) raised interest rates by 0.75% as expected, the trend in interest rates rose. This puts pressure on world gold prices down 7-8%, receiving a stronger dollar. However, when the dollar strengthens, the baht weakens. As a result, the domestic gold price has not decreased accordingly.
The Monetary Policy Committee (MPC) meeting on 28 Sept. 65 is expected to have a policy of raising interest rates by 0.25%, which will not affect the appreciation of the baht much. We still see that the baht will move stable at the level of 37 baht / dollar.
Overall, investors can still speculate on gold bullion trading. which estimates that although the rate hike situation and the dollar will gradually start to slow down But next year, the situation of global economic recession concerns. And there are also New Year and Chinese New Year festivals. It is also a positive factor that supports domestic gold bullion. to continue to increase
Initially, the world gold price was estimated at 1,650 -1,680 dollars / ounce. and domestic gold frame 29,000 – 29,500 baht