Traders expect gold prices to continue to skyrocket

Traders say gold prices should continue to rise in the near term after bullion broke through US$4,600 an ounce for the first time yesterday, resulting in the baht's appreciation despite policymakers' efforts to stem the rise.

- NAREERAT WIRIYAPONG

Gold broke through $4,600 an ounce for the first time on Monday, while silver also hit a record high as investors snapped up safe-haven assets amid heightened geopolitical uncertainties and threats against Fed chair Jerome Powell.

(REUTERS)

Jitti Tangsithpakdi, president of the Gold Traders Association (GTA), expects gold prices to move in a range of $4,700-4,900 an ounce in the third quarter of 2026, and potentially hit $5,000 later in the year.

He cited heightened geopolitical conflicts and the likelihood of more than two rate cuts by the Federal Reserve this year as factors supporting the GTA's gold price optimism.