Gold prices have surged to unprecedented levels, driven by a confluence of factors including a weakening dollar and anticipation of interest rate cuts by The Federal Reserve (Fed). this week, the Gold Price spot reached a record of $3,597.80 per ounce,surpassing the previous high of $3,578.66 dollars seen earlier in the week. Prepaid contracts also climbed above $3,650 for the first time, signaling continued upward momentum.

As the start of 2025, gold has risen by over 36%, with a weekly increase of approximately 4%. This surge is largely attributed to the weakening dollar and growing expectations that The Federal Reserve (Fed) will lower interest rates by 0.25% at its mid -September meeting.

Investors are increasingly betting on a more aggressive 0.50% rate cut by the Fed, especially after disappointing employment figures for August. The United States added only 22,000 non-farm jobs, substantially below the anticipated 75,000.

Short-Term Outlook: Continued Gains Expected

Analysts predict that gold prices will continue to rise in the coming week, potentially breaking through the $3,600 resistance level. If this occurs, the uptrend could extend to $3,879.64 by the end of September.

“Analysts predict that Gold prices may rise continuously…the uptrend will expand by 3,879.64 dollars by the end of September.”

Though, a price of $3,500.20 per ounce is considered a crucial support level. Market signals indicate overbuying, which could trigger a short-term correction. Despite this, the overall trend remains above the average of $3,370.40 dollars.

Hua Seng Heng’s Outlook

Hua Seng Heng anticipates a potential short-term pullback in global gold prices, with a possible test of the $3,525 support level before a rebound. Resistance is expected around $3,565 dollars.

A break below the $3,510 support level could signal a return to a downtrend.

Domestically, short-term fluctuations are expected due to baht volatility. The proposal is to buy and accumulate at the 53,800 baht support level, taking profits at 54,350 baht. A drop below 53,700 baht would warrant a sell and cut loss strategy.