Gold prices have been continuously falling recently, even though global conditions remain uncertain and conflicts continue. However, recent shifts in Donald Trump's stance have caused gold prices to fluctuate again. This morning, prices rose, prompting investors and savers to reconsider whether investing in gold now is still viable.
After gold prices surged continuously, reaching 81,500 baht per baht-weight on 29 Jan 2026, prices began to decline despite ongoing war news. By June, prices dropped below 65,000 baht per baht-weight, sometimes falling as low as 63,500 baht per baht-weight.
The recent price decline may be attributed to profit-taking after the continuous rise, as well as pressure from rising inflation. This has led markets to worry that the U.S. Federal Reserve (Fed) might reverse course and raise interest rates again.
However, gold prices have recently rebounded again. InterGOLD InterGOLD analyzed that Trump's signal to cancel plans to attack Iran and prepare for negotiations led to positive global stock market responses. Meanwhile, the U.S. dollar and bond yields declined, which are key factors supporting gold price recovery, even amid a risk-on market environment.
Chanon Kangwanwechkul, Investment Analyst at YLG Bullion and Futures Co., Ltd. He told Thairath Money that currently, Gold Spot has fallen below the 200-day moving average at 4,360 U.S. dollars per ounce. However, if in the next 1-2 months it does not drop below 4,100 U.S. dollars per ounce, it could establish a base—a positive sign.
In the short term, if gold prices fall further, supports exist at 4,025 and 3,960 U.S. dollars per ounce. There may be opportunities for a short-term rebound. For Thai gold prices, if it breaks the first resistance at 66,700 baht per baht-weight, a short-term upward trend may follow.
From the analyst's perspective, gold remains in an uptrend because the situation is expected to clarify and ease by Q4. Approaching the U.S. midterm elections, Trump is anticipated to be less active. Gold is also supported by a major theme of central banks worldwide—especially China—accumulating large gold reserves amid dedollarization trends. The year-end target is 5,400 U.S. dollars per ounce, with Thai gold prices potentially reaching 80,000 baht per baht-weight.
For short-term speculators, they should closely monitor U.S. economic data and market views on Fed policy rate changes. YLG advises watching key supports at 4,025 and 3,960 U.S. dollars per ounce, which could offer a chance for a technical rebound. For gold to resume an uptrend, it must stay above the 200-day moving average at 4,360 U.S. dollars per ounce.
For long-term investors, this is a good opportunity to accumulate gold gradually (DCA), as the trend remains upward over 1-2 years. However, some profit-taking at certain points is advisable to prepare for new buying opportunities.
Gold investments can be made through various channels, such as saving gold with licensed jewelry shops in Thailand, gold mutual funds, or simply purchasing and holding physical gold.
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