Logo of Phnom Penh Post newspaper Phnom Penh Post - Gold continues to rise as alarm strikes economies of US and EU

Gold continues to rise as alarm strikes economies of US and EU

Content image - Phnom Penh Post
Long Samnang, business manager at Golden FX Link.

Gold continues to rise as alarm strikes economies of US and EU

The price of gold reached the highest in history in the third quarter of this year – breaking the previous record in September 2011 of $1,921 per ounce, or $2,314 per tael in Cambodia’s gold market – rising to $2,074 per ounce.

Although global gold demand fell 11 per cent in the second quarter, the price of gold still continues its bullish momentum as the US has been hit massively by the outbreak of Covid-19, severely impacting its economy.

The US Federal Reserve’s annual economic symposium in Jackson Hole ended last week without any effective resolutions from monetary authorities around the world on planning financial stability policies and minimising the downturn in the financial system.

Meanwhile, the European Central Bank released a report on the current situation, one which could easily lead to a serious economic crisis.

Similarly, the US indicated that its financial markets remain in a slump.

However, it has the expectation that the long-term implementation of low interest rate policies could offset negative effects, while the plan to have inflation at two per cent to maintain economic stability will be temporarily set aside.

The price of the US dollar will fluctuate in line with the release of key US economic news this Friday, including on average hourly earnings, non-farm employment changes and the unemployment rate.

Therefore, based on technical and fundamental analysis, the price of gold could increase from the $1,972 currently to $2,030 per ounce in early September, exposing a good opportunity to invest in gold.


  • Capital-Poipet express rail project making headway

    The preliminary results of a feasibility study to upgrade the Phnom Penh-Poipet railway into Cambodia’s first express railway indicate that the project would cost more than $4 billion and would take around four years to complete. The study was carried out by China Road and

  • Thai boxers to join SEA Games’ Kun Khmer event

    The Cambodian SEA Games Organising Committee (CAMSOC) – together with the Kun Khmer International Federation (KKIF) and Khmer Boxing Federation – have achieved a “great success” by including Kun Khmer in the upcoming biennial multi-sports event on its home soil for the first time, said a senior

  • Bullets to bracelets: Siem Reap man makes waste from war wearable

    Jewellery is often made from valuable gemstones like emeralds or diamonds and precious metals like gold or silver, or valueless things like animal horns. But a man in Siem Reap has approached the manufacture of delicate pieces from a different angle. His unique form of

  • Second Hungary business forum set for H2

    Cambodia has asked Hungary to provide GSP- (Generalised System of Preferences) Plus facilities for when the Kingdom sheds its least-developed country (LDC) label, as the two countries prepare to hold a second business forum in the second half (H2) of this year to expand trade

  • 61% of 2022 imports came from just 3 markets

    The three largest exporters to Cambodia – mainland China, Vietnam and Thailand – accounted for 60.94 per cent of the Kingdom’s total merchandise imports last year, at $18.245 billion, which was up 11.99 per cent over 2021, according to the General Department of Customs and Excise. Cambodia’s total imports

  • CPP sets out five primary strategic goals for 2023-28

    The Cambodian People’s Party (CPP) on January 29 concluded its two-day extraordinary congress, setting the party’s priority goals for 2023-2028. The ruling party’s congress was attended by more than 3,000 members from across the Kingdom, including the members of the permanent and central committees,