Huaxing Heng Analyzes Gold Market Decline Amid US-Israel Military Plan Concerns and Rising Oil Prices

Key summary

On October 23, 2026, Huaxing Heng reported a decline in global gold prices following the sale of 11.97 tons by the SPDR fund. Concurrently, Brent crude oil prices rose above $110 and WTI crude surpassed $100 per barrel. These movements are attributed to foreign media reports detailing a joint US-Israel military operation plan targeting underground nuclear facilities, missile command centers, and naval ammunition depots in Iran, scheduled for execution after the November 3 midterm elections. The Islamic Revolutionary Guard Corps (IRGC) warned of retaliatory missile and drone attacks on US regional bases if the US Navy continues escorting commercial ships through the Strait of Hormuz. These geopolitical tensions have fueled inflation concerns regarding energy sectors, negatively impacting gold. Huaxing Heng noted that while gold's overall uptrend structure is weakening, short-term oversold conditions suggest a potential rebound after testing support at $3,970, with resistance at $4,070; however, a break below $3,940 would indicate a continued downtrend. In the morning session, Thai gold prices dropped by 1,250 baht (the seventh consecutive drop of 50 baht), resulting in a selling price of 64,100 baht and a buying price of 63,900 baht for gold bars. Ornamental gold sold for 64,900 baht with a buyback price of 62,625.96 baht. The global Gold Spot price stood at $4,009 per ounce against an exchange rate of 33.74 baht to the dollar. Ornamental gold prices including an 800 baht craftsmanship fee were listed for various weights: half tael (8,813 baht), one tael (16,825 baht), two taels/50 satang (32,850 baht), one baht (64,900 baht), two baht (129,800 baht with 1,600 baht fee), five baht (324,500 baht with 4,000 baht fee), and ten baht (649,000 baht with 8,000 baht fee). Year-to-date 2026 performance shows a net decline of 850 baht, with monthly fluctuations ranging from a January gain of 12,700 baht to a September loss of 3,330 baht. The year's high was 81,950 baht and the low was 62,500 baht.