Friday, October 30, 2020

Investors urged to be cautious amid clamour for gold

Aug 08. 2020
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By The Nation

Investors were advised to beware of volatility amid the rise in gold price.

Gold price in Thailand was expected to hit Bt31,000 per baht weight, an expert said.

MTS Gold chief executive Nattapong Hirunyasiri said gold price in Thailand continued to rise, reflecting the uncertainty following the Covid-19 pandemic and unrest in many regions.

"People believe gold is worthy of investment, while there are various types of investments, such as gold bars, gold ornaments, gold contracts, and gold funds that meet the needs of people of all ages," he said.

"However, investors must manage their investment portfolio carefully because the gold market still faces volatility, while they should study thoroughly before investing in this precious metal to prevent risks and create opportunity to take profits."

He expected gold price to hit Bt31,000 per baht weight as the spot gold price continues to hit a new high due to the weakening dollar.

"Gold's next resistance level is US$2,100 per ounce," he said.

"Factors that are boosting the gold price are the Covid-19 pandemic, governments and central banks' efforts to stimulate the economy due to uncertainty following the global economic slowdown, the US-China trade war, and blasts in Iraq and Lebanon," he added.

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