Gold has passed its lowest point; Hua Seng Heng predicts it could reach $5,000 by the end of the year.

Hua Seng Heng believes gold has passed its lowest point and anticipates an upward trend towards the end of the year, supported by the US Midterm Elections. They forecast global gold prices at $4,900-$5,000 and Thai gold prices to surpass 74,000 baht per baht weight.

August 17, 2026 – Mr. Thanarat Pasawong, CEO of Hua Seng Heng Group, revealed his outlook on gold prices, stating that after a continuous downward trend for the past five months of 2026 since the conflict in Iran in March 2026, he believes gold prices have now bottomed out. The key support level is seen at approximately $4,100 per ounce.

"With only a few months left until the end of the year, I see the end of the year as a potential period for an upward adjustment, mainly due to the upcoming US Midterm Elections. If Trump wins, inflation and the cost of living shouldn't be too high. As the election approaches, the focus on trade wars might ease. Oil prices have also recently declined, which might reduce pressure on interest rate hikes, positively impacting gold prices."

For gold prices, the market is watching key resistance levels at $4,400 (100-day moving average) and $4,500 (200-day moving average). A breakout above $4,500 would mark a permanent return to an uptrend.

The global gold price target is estimated at $4,900 to $5,000 per ounce, while the price of gold in Thailand is projected at 74,000 – 78,000 baht. The previous all-time high for gold was $5,595.

Mr. Thanarat stated that the behavior of gold investors has changed significantly, with increased digital adoption. Short-term speculation through online channels accounts for almost 90%, resulting in rapid growth in trading volume on platforms and narrower competitive spreads.

However, some customers still redeem their online investment profits for physical gold when prices drop. Hua Seng Heng has partnered with postal services with high-value parcel handling systems to ensure the gold is delivered safely to buyers.

Furthermore, the verification of the source of funds through the banking system is now more stringent and efficient, thanks to the rapid advancements in smartphones and online financial transactions. This allows for accurate and transparent monitoring of investors' income, expenses, and the source of their funds, thereby building greater confidence in the investment system.

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