On March 10, 2025, the gold market experienced fluctuations as the spot price adjusted downwards, with significant global economic influences weighing heavily on the commodity. The afternoon trading data revealed the gold spot price dropped by $71.63, closing at $2,909 per ounce, down 0.06% from the previous day. During this trading session, gold reached a maximum price of $2,930 and minimally dipped to $2,896.
According to the Gold Traders Association's latest report, local ornament prices also saw adjustments. The buying price was set at 46,500 baht, with the selling price slightly higher at 46,600 baht as of 2:01 PM on March 10. Notably, the price for 96.5% pure gold was 45,661.92 baht for buying and 47,400 baht for selling.
Last week, gold prices had seen considerable recovery due to heightened investor anxiety surrounding global trade tensions. The United States initiated new import tariffs on Mexico, Canada, and China, invigorated by uncertainties surrounding President Trump's frequently altering tax policies. These changes prompted increased anxiety among investors, causing fluctuations in gold demand, traditionally seen as a safe haven asset.
According to market experts, on March 12, 2025, the US is expected to announce additional tariffs on steel and aluminum of up to 25%, contributing to rising costs across various sectors. This could exacerbate inflation, and economists are watching closely how these developments will influence consumer prices and potentially limit economic growth.
Internationally, China retaliated against the US tariff increases with new agricultural tariffs, effective immediately on March 10. Canada and Mexico followed suit with import levies of their own, many set between 5% and 25%. The effects of these tariff escalations are anticipated to ripple through the market, directly influencing the price of commodities, including gold.
Analysts from InterGold noted, "Despite temporary fluctuations driven by speculative trading and geopolitical pressure, gold retains its long-term bullish potential. The impact of trade disputes tends to create upward pressure on safe-haven assets like gold." This sentiment aligns with the expectations of many investors who are seeking to hedge against economic instability.
The stated support levels for gold remain significant, with analysts highlighting $2,890 as the primary resistance level. If prices sink below this threshold, it could signal more pronounced declines. On the other hand, should gold secures above this mark, analysts suggest potential buying opportunities amid short-term rallies, particularly heading toward resistance levels between $2,930 and $2,940.
The SPDR fund's recent sale of 10.04 tons of gold could also be influencing market liquidity, prompting market participants to reconsider their positions based on supply chain dynamics. Understanding these shifts is imperative for investors and traders eyeing quick movements within the gold market.
For traders and those engaged in gold investment, the week holds importance with several economic indicators slated for release, including consumer price index changes. These metrics play key roles in how the Federal Reserve may respond with interest rate alterations, which directly impacts gold's appeal as investors typically turn to gold amid lower real interest rates.
While current sentiment leans toward caution, marked by pending adjustments to desired trading strategies, market players are advised to maintain close observation of price action around the key levels mentioned above.
With gold trading exhibiting signs of ‘sideways’ movement, experts recommend market participants remain vigilant. Despite short-term bear signals, there is potential for recovery, especially if geopolitical tensions escalate or significant economic shifts occur. The next few days could be pivotal for securing beneficial entry points or capitalizing on sales.
Overall, gold remains at the forefront of investment discussions, shaped by external pressures from tax reform debates and the overarching ramifications from global trade dynamics. While volatility persists, the fundamental qualities of gold as reliable asset have firmly represented it through historical shifts.