Gold prices steady at B20,750

Gold prices steady at B20,750

The Gold Traders Association this morning announced buying prices at 20,284.08 baht per baht-weight for gold ornaments and 20,650 baht per baht-weight for gold bar.

Selling prices were set at 21,250 baht per baht-weight for gold ornaments, and 20,750 baht per baht-weight for gold bar.

This means gold prices were stable from Friday’s close.

In the global market, gold returns to pre-election trading range ahead of Trump speech.

According to a report by Bloomberg, gold returned to levels seen before the US election as equities retreated and the dollar vacillated ahead of a major speech next week by President Donald Trump.

The metal headed for a fourth straight weekly gain, the longest run since January, shaking off most of the losses incurred following the surprise election result, as markets continue to unwind the Trump trade. A pause in the stocks rally Friday has buoyed demand for the haven.

Bullion has risen 9.6% this year as political uncertainty over Trump’s unorthodoxy, European elections and Brexit ruffle confidence. The US president will deliver his first speech to Congress next week, after Treasury Secretary Steven Mnuchin on Thursday said the impact of fiscal stimulus this year on the economy may be limited. The Bloomberg Dollar Spot Index fluctuated, rising as much as 0.1% and falling as much as 0.2%.

“We’ve seen uncertainty of policy increased,” Jason Schenker, president of Prestige Economics LLC in Austin, Texas, said in a telephone interview. Gold “could go a little bit higher in the immediate term.”

Gold for immediate delivery climbed 0.6% to US$1,257.31 an ounce at 2.19pm in New York, at the lower end of the $1,250 to $1,350 range frequented between the U.K. referendum to leave the European Union in June and the US vote in November. The metal traded just below its 200-day moving average of $1262.12, a point which some traders may see as a bullish signal.

Measured in euros, gold posted the highest close since Sept 23. Gold futures for April delivery rose 0.6% to settle at $1,258.30 an ounce at 1.40pm on the Comex in New York. Prices touched $1,261.20, the highest intraday level since Nov 11.

“The market is losing a bit of patience in waiting for Trump to deliver on his stimulus promises,” Jens Pedersen, a senior analyst at Danske Bank A/S in Copenhagen, said by phone. “Meanwhile, worries over the elections in France and elsewhere in Europe are also supportive of prices.”

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