Gold prices take a dip in Thailand: 50 baht decrease reported

The price of gold fell again on the morning market today, with a decrease of 50 baht (US$1.46) compared to the closing price yesterday.

As reported at 9.05am today, the cost of gold ornament was selling at 34,050 baht (US$99.4) per baht, according to the Gold Traders Association (GTA).

Meanwhile, the 96.5% gold bar was bought at 33,450 baht (US$976.93) per baht and sold at 33,550 baht (US$979.56) per baht, reported Khaosod.

The gold ornament was bought at 32,851.72 baht (US$959.17) per baht and sold at 34,050 baht (US$994.16) per baht. Globally, the gold spot was at 70,691 baht (US$2,063.50) per ounce.

The prices of gold today are as follows:

For Gold bar

• Bought at 33,450 baht (US$976.93) per baht
• Sold at 33,550 baht (US$979.56) per baht

For Gold ornament

• Bought at 32,851.72 baht (US$959.17) per baht
• Sold at 34,050 baht (US$994.16) per baht

This is the first announcement of the day about the prices of gold.

In related news, MTS Gold, a local trader, predicted that gold prices are likely to skyrocket to new record levels of over 79,005 baht (US$2,300) per ounce and beyond 40,000 baht (US$1,164) per baht weight by this year.

This forecast comes amidst anticipated adverse global economic situations.

Kritcharat Hiranyasiri, the President of MTS Gold, explained that the anticipated decline in interest rates and depreciation of the dollar opens up opportunities for gold, recognised as a safe-haven asset, to soar in value this year.

Kritcharat further noted that the political environment in the US could significantly influence gold price trends.

Policymakers might decide to ease monetary policies to stimulate the economy and boost stock markets ahead of the presidential election this year.

He pointed out that the maturing of several medium-term US bonds, which will tighten financial market liquidity, is another factor to watch. This could potentially support the increase in gold prices this year. Read the full story HERE.