Gold prices see slight lift, gold ornaments trading at 32,500 baht

Gold prices surged today as the Gold Traders Association revised rates upwards. This comparison is made to the end prices of August 28, when gold ornaments were selling at 32,500 baht per baht weight. Today, the price was revised upwards by 100 baht, compared to the closing price of August 28. The price of gold ornaments moved to 32,500 baht per baht weight, according to the latest data published on the Gold Traders Association’s website at 9.26am.

In the domestic market, the purchase price for gold bars stood at 31,900 baht per baht weight and were sold at 32,000 baht, as announced in the first release of the day. Gold ornaments with 96.5% purity were bought at 31,320.56 baht per baht weight and sold at 32,500 baht. The global gold market (Gold Spot) was priced at US$1,921.50 per ounce.

To summarise, the gold prices for today, August 29, as announced in the first release were:

• For gold bars:
  • Purchase price: 31,900 baht per baht weight
  • Selling price: 32,000 baht per baht weight
• For gold ornaments:
  • Purchase price: 31,320.56 baht per baht weight
  • Selling price: 32,500 baht per baht weight.

The rise is in contrast to last week’s news, when just eight days ago, demand for gold jewellery in Thailand experienced a drop causing a significant price dip in the market, according to the local gold traders association. The gold bar was trading at 32,100 baht per baht weight, a reduction of 150 baht compared to the previous day’s closing price, as reported on the association’s official website.

Gold prices for August 21 were as follows.

• For gold bars:
  • Purchase price: 31,500 baht per baht weight
  • Selling price: 31,600 baht per baht weight
• For gold ornaments:
  • Purchase price: 30,926.40 baht per baht weight
  • Selling price: 32,100 baht per baht weight.

In Thailand, gold jewellery is more than just a posh adornment. Aside from flashy, decorative bling, Thai people often buy gold as a sort of wearable emergency nest egg. In difficult financial times, those in need will sell or pawn their gold necklaces, bracelets, earrings, and rings to get some quick, much-needed cash.

Gold is often seen by many as a counter-market safety investment. When the world or local stock markets, or other intangible investments like crypto see an economic downturn, people turn to tangible physical investments like precious metals, gemstones or real estate.

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