Gold hits a 7-week high. YLG sees the downtrend nearing its end, anticipating a new rally to 82,200 baht per gram.

Gold prices have the potential to resume an uptrend, YLG indicates limited downside due to buying pressure from central banks worldwide. They set a gold price target of $4,890-$5,250 and a potential Thai baht price of 82,200 baht per baht weight.

August 7, 2569 – Mrs. Phawan Nawawattanasub, Chief Executive Officer, YLG Bullion International Co., Ltd. (YLG) It was revealed that this week's rise in gold prices reached its highest level in almost seven weeks and marked the largest daily increase since February. This was driven by positive developments in US-Iran negotiations, including progress in reopening the Strait of Hormuz, which resulted in a significant drop in oil prices.

This factor also contributed to reduced concerns about a Fed interest rate hike in September, with the CME FedWatch Tool indicating investors' probability of raising interest rates to 3.75-4.00% down from a previous probability of 60-70%.

Based on market expectations that inflationary pressures have eased, some believe the downtrend in gold has ended, causing gold prices to surge back up to trade in the $4,200 – $4,300 per troy ounce range.

However, YLG believes there is still a possibility that the Fed will raise interest rates once this year, or it may even keep rates unchanged for the rest of the year. The key factor to watch, however, is whether the agreement between the US and Iran will actually materialize. If it does, gold's downtrend will end. But if the agreement doesn't materialize, gold could experience another decline, with support levels at $4,000 – $3,850 per troy ounce before a rebound.

However, even if gold prices continue to correct in the medium term, the downside is estimated to be limited. This correction is expected to last no later than the second quarter of 2027, as central banks worldwide continue to purchase gold.

By latest World Gold Council revealed that In the second quarter of 2026, central banks worldwide made net purchases of 289 tons of gold, a 62% increase compared to the second quarter of 2025. Furthermore, the annual survey of central banks worldwide indicates that 45% of respondents plan to further increase their gold holdings in the next 12 months.

YLG has estimated the target price for gold, after the end of the consolidation phase and a return to an uptrend, at US$4,890 – US$5,250 per troy ounce. Meanwhile, the domestic gold price target is 76,500 – 82,200 baht per baht weight (calculated using an exchange rate of 33.08 baht per dollar). Given the potential for exchange rate volatility, YLG recommends gold as an alternative for those who wish to avoid the risk of baht fluctuations, suggesting that buying and selling gold in US dollars is also an option.

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