Gold prospers amid trade war havoc and weak dollar

The global gold price is projected to have a resistance level of US$3,360, says local trader Hua Seng Heng, after the safe-haven asset breached $3,200 an ounce for the first time yesterday, fuelled by a weaker dollar and the escalating trade war.

- NUNTAWUN POLKUAMDEE

Domestic prices may hit 52,300 baht per baht-weight due to trade tensions after US President Donald Trump ratcheted up tariffs on Chinese imports to 145%, but hit a 90-day pause on previously announced tariffs for dozens of other countries.

Bullion scaled an all-time peak of $3,219.84 earlier in the session, and has gained almost 6% this week. Locally, the Gold Traders Association announced the first price increase of the day by 800 baht per baht-weight, taking the trading price of gold bars up to 51,100 baht.