Gold prices hit new record in Thailand amid market volatility
Gold prices in Thailand skyrocketed, setting a new all-time high record, reflecting a sharp increase of 750 baht from the previous day’s closing rate. The surge occurred amidst volatile market conditions, with the Gold Traders Association (GTA) announcing five price changes within the first 35 minutes of the trading day, starting with an initial hike of 700 baht at 9am.
The second announcement saw an additional increase of 50 baht, pushing the selling price of 96.5% pure gold bars to 41,200 baht and the buying price to 41,100 baht. The price for gold ornaments was set at 41,700 baht for selling and 40,355.92 baht for buying.
Subsequently, the prices were adjusted downward twice by 50 baht each time before the fifth announcement raised it again by 50 baht, bringing the final selling price of gold bars to 41,150 baht and the buying price to 41,050 baht, with gold ornaments selling at 41,650 baht and buying at 40,310.44 baht.
MTS Gold Group, in its daily analysis released today, April 12, attributed the price surge to the US Labour Department’s report that the Producer Price Index (PPI) rose by 0.2% in March this year. Although this figure was lower than in previous months, it indicated that inflationary pressures remained high.
On the global scale, gold prices reached a new historic high of approximately US$2,389, experiencing an increase of 1.70%. Futures contracts on the COMEX market for June delivery climbed $24, or 1.03%, closing at $2,372.
Meanwhile, the SPDR Gold fund reported an acquisition of 2.3 tons the previous day, holding a total of 830.75 tons. For the month of April, the fund has seen a net purchase of 0.6 tons, whereas for the year, from January 1 to the current date, there has been a net sale of 48.36 tons.
The dramatic movements in gold prices are closely monitored by investors and economists as an indicator of broader economic dynamics, including inflation and market stability.
The precious metal is often seen as a safe-haven asset during times of economic uncertainty, and the current price fluctuations reflect the complex interplay of global economic forces, reported Khaosod.
