Gold prices take a tumble: Time to strike while the metal’s hot

Gold prices experienced a significant drop today, prompting potential buyers to act quickly. As of today, August 7, gold jewellery is being sold at 40,700 baht per baht weight, a decrease of 400 baht compared to yesterday. This information comes from the Gold Traders Association (GTA), which released the latest prices at 9.07am.

Gold bullion with 96.5% purity is being bought at 40,100 baht per baht weight and sold at 40,200 baht per baht weight. This reflects the first price announcement of the day. For gold jewellery with the same purity, the buying price is 39,385.68 baht per baht weight, while the selling price remains at 40,700 baht per baht weight.

Global gold prices, often referred to as the Gold Spot, are currently at US$2,385.50 per ounce. The significant drop in gold price today has been a notable event for investors and buyers.

Today’s prices are a continuation of the trend observed yesterday, where the price for gold jewellery was also set at 40,700 baht per baht weight, reported KhaoSod.

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.

GTA President 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.”