Gold prices drop again, jewellery now at 40,850 baht
Gold prices continue their downward trend today, with the Gold Traders Association (GTA) reporting another drop. As of this morning, the price of gold jewellery stands at 40,850 baht per baht-weight, reflecting a decrease of 150 baht from yesterday.
Today’s gold prices, as reported at 9.16am, show a decrease when compared to the closing prices yesterday, June 25. The GTA’s website lists the buying price of 96.5% gold bars at 40,250 baht per baht-weight, while the selling price is 40,350 baht per baht-weight.
Gold jewellery, also at 96.5% purity, is being bought at 39,522.12 baht per baht-weight and sold at 40,850 baht per baht-weight. Globally, the Gold Spot price is currently US$2,317.00 per ounce, reported KhaoSod.
The first announcement of the day provides the following detailed prices:
Gold Bars:
Buying: 40,250 baht per baht-weight
Selling: 40,350 baht per baht-weight
Gold Jewellery:
Buying: 39,522.12 baht per baht-weight
Selling: 40,850 baht per baht-weight
In related news, YLG Bullion International advises investors to accumulate gold as prices consolidate, with expectations of a rise in the medium to long term, particularly after anticipated interest rate cuts by the Federal Reserve later this year.
Global gold prices have increased by 13.2% this year driven by high demand from central banks and institutional investors amidst tightening supply, according to YLG chief executive Pawan Nawawattanasub. Domestically, prices surged by 20.2%.
Gold prices fell from a record high of US$2,449.89 per ounce in mid-May to approximately US$2,380, which was attributed to profit-taking.
However, gold prices remain on an upward trend, supported by several factors such as concerns over global economic growth, geopolitical conflict, and accumulated purchases by central banks around the world. said Pawan, adding that limited gold supply is also driving prices over the long term.
The US Geological Survey reported that only 59,000 tonnes of gold supply remains globally, with an annual production average of 3,000 tonnes. This indicates that gold reserves may last for 19 years unless new deposits are found.
