Gold price dips to 33,900 baht per baht, says GTA

The Gold Traders Association (GTA) decreased the gold price consecutively today compared to the closing price yesterday.

The bullion price shifted to 33,900 baht (US$981) per baht today. Reporters stated that the GTA announced a 100 baht (US$2.89) decrease in today’s gold price compared to yesterday’s closing price, with the bullion price now standing at 33,900 baht (US$981) per baht, according to the most recent data from the Gold Traders Association website at 9.03am.

In contrast, the domestic buying and selling prices for gold bars stand at 33,300 baht (US$963) and 33,400 baht (US$966) respectively, according to today’s first announcement, reports Khaosod.

Meanwhile, 96.5% of bullion is purchased at 32,700.12 baht (US$946) and sold at 33,900 baht (US$981). Additionally, the global gold price (Gold spot) stands at 70,578 baht (US$2,044.00) per ounce.

To recap the price today, from the first announcement.

Gold bars:
• Buying price is at 33,300 baht (US$963)
• Selling price is at 33,400 baht (US$966)

Bullion:
• Buying price is at 32,700.12 baht (US$946)
• Selling price is at 33,900 baht (US$981)

Gold prices are predicted to hit record highs by 2024, says MTS Gold. 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.

“The dollar has been depreciating as the market expects the interest rate hike cycle to end and several central banks around the world are waiting for the right moment to cut rates. Now is the time for investors to return to gold price speculation”

He also highlighted that recent geopolitical conflicts in multiple regions have contributed to the surge in gold prices.