Perfect time to cash in on gold, say experts
The price of gold is expected to rise beyond Bt28,000 per baht weight this week and this may be the perfect time to make profits in the short term, Gold Traders Association chairman Jitti Tangsitpakdee said.
He expects the price of gold in global markets this week to move between US$1,775 and $1,845 per ounce, while domestically it is expected to hover between Bt27,500 and Bt28,000 per baht weight.
“The price of gold will hit a historic high if it rises over Bt27,200 per baht weight, so investors can sell gold to take profits in the short term," he pointed out.
Meanwhile, YLG Bullion International, a large exporter and importer of gold bars in Thailand, said the precious metal had yielded the highest returns this year.
“Globally, gold has yielded more than 16 per cent in the first half of the year, higher than all of 2019, which only yielded returns of 10 per cent,” an analyst at YLG Bullion International said. “Domestically, gold yielded returns that were 20 per cent higher than the same period last year.”
The analyst added that there is a chance of gold prices hitting $1,920 per ounce this year, and advised investors to hold 5 to 10 per cent of gold in their portfolios.
“We also advise investors to watch out for factors that affect the price, such as a second wave of Covid-19, the US Federal Reserves move to ease the monetary policy and the US-China trade war,” the analyst said.
