Gold prices rise with ornaments at 40,750 baht per weight

Gold prices surged today as the Gold Traders Association GTA) announced an increase, with gold ornaments selling at 40,750 baht per baht weight compared to yesterday’s rates. This change was recorded at 9.03am, today, June 12, showing a 100 baht rise from the previous day.

Gold bar prices in the domestic market were set at 40,150 baht per baht weight for buying and 40,250 baht per baht weight for selling, according to the first announcement of the day. The price for gold ornaments was set at 39,431.16 baht per baht weight for buying and remained at 40,750 baht per baht weight for selling. The global gold market price, known as the Gold Spot, stood at US$2,314.00 per ounce, reported KhaoSod.

Today’s gold prices as of June 12:

The first announcement listed gold bar prices:
Buying price: 40,150 baht per baht weight
Selling price: 40,250 baht per baht weight

For gold ornaments, the prices were:
Buying price: 39,431.16 baht per baht weight
Selling price: 40,750 baht per baht weight

In related news, global gold prices are set to touch US$2,500 per ounce in the latter half of this year, as per predictions by local gold traders, despite a recent slump below US$2,300. The market has scaled down its expectations for US interest rate cuts this year to a maximum of two times, a reduction from the previously anticipated three to four times.

The president of the GTA, Jitti Tangsithpakdi, attributes this optimistic view to the ongoing purchases of gold by worldwide central banks, given the current scarce supply of the precious metal.

“Previously, we expected the Federal Reserve would bring down the US rates three to four times, pushing the global prices to US$2,500 an ounce towards the end of this year, Now that one or two reductions are more probable, we expect gold to certainly surpass US$2,400, and even possibly reach US$2,500.”