MTS Capital Company Limited (MTS Capital) stated that between February 11 to 14, 2025, the majority of 17 analysts participating in the Kitco News Gold Survey predicted that gold prices would rise. 88% of the analysts forecast that prices will hit a new record high this week, while the remaining 12% anticipated that prices would remain stable or increase slightly.
Meanwhile, MTS Gold Maethongsuk Company Limited (MTS Gold) stated that the People’s Bank of China (PBOC) has increased its gold reserves for the third consecutive month, despite the gold price reaching new record highs since the beginning of the year. Bloomberg News also reported that the amount of gold bullion held by the PBOC increased by 160,000 troy ounces last month.
The PBOC resumed increasing its gold reserves in November 2024 after a six-month hiatus, following 18 consecutive months of purchases. This move indicates that the PBOC is committed to diversifying the risk of its reserves, despite gold prices reaching record highs. Furthermore, the PBOC’s purchases reflect China’s positive outlook on gold.
MTS Gold stated that New York gold futures closed higher on 7 February 2025, marking a sixth consecutive week of gains due to rising trade tensions between the US and China. These tensions have driven investors towards gold as a safer asset. Currently, the SPDR Gold Fund holds 868.5 tons of gold, with a net purchase of 3.73 tons in February. However, year-to-date, the fund has recorded net sales of 4.02 tons of gold.
Morningstar Research (Thailand) Limited released the gold fund returns for the past year, as of 10 February 2025. The top five performing funds are as follows:
- SCB Gold THB Hedged Open End Fund (E-channel) from SCB Asset Management Company Limited (SCBAM), with a return of 35.65%
- SCB Gold THB Hedged Open End Fund (Super Savings Fund E-channel) from SCBAM, with a return of 35.65%
- SCB Gold THB Hedged Open End Fund (Super Savings Fund) from SCBAM, with a return of 35.06%
- SCB Gold THB Hedged Open End Fund from SCBAM, with a return of 35.06%
- Krungsri Gold Hedged Fund From Krungsri Asset Management (KSAM), with a return of 34.79%
