Gold prices in Thailand retreat but stay over 37,000 baht mark

Picture courtesy of Jingming Pan, Unsplash

Gold prices in Thailand took a dip today after a continuous climb, with the Gold Traders Association (GTA) reporting a decrease of 100 baht compared to the closing figures yesterday, March 12. Despite the fall, prices remained above the 37,000 baht mark. As of the latest update from the association at 9.05am today, the price for gold ornaments was set to sell at 37,050 baht per baht weight.

In domestic trading, gold bars were bought at 36,450 baht per baht weight and sold at 36,550 baht, according to the first announcement of the day. Gold ornaments, which are 96.5% pure, were purchased at 35,792.76 baht per baht weight and sold at the price of 37,050 baht. Meanwhile, the global gold price, or Gold Spot, stood at US$2,158.50 per ounce, reported KhaoSod.

Today’s gold prices, after the initial announcement, are as follows: gold bars are bought for 36,450 baht per baht weight and sold for 36,550 baht, gold ornaments are bought for 35,792.76 baht per baht weight and sold for 37,050 baht. The slight retreat in prices has caught the attention of investors and those looking to buy gold, sparking discussions about the volatile nature of the gold market and considerations for future investments.

Gold prices had surged in Thailand over the past couple of weeks, with the cost of gold ornaments breaking the 37,000 baht mark for the first time. The GTA reported a significant increase compared to the previous day’s rate, where the selling price of gold ornaments reached 37,100 baht per baht-weight as of the latest update on March 11.

The domestic buying price for gold bars was set at 36,500 baht per baht-weight, with the selling price slightly higher at 36,600 baht. The price for gold ornaments was quoted at a buying rate of 35,838.24 baht and a selling rate of 37,100 baht. In the international market, the Gold Spot price stood at US$2,180.00 per ounce.

Thailand News

Nattapong Westwood

Nattapong Westwood is a Bangkok-born writer who is half Thai and half Aussie. He studied in an international school in Bangkok and then pursued journalism studies in Melbourne. Nattapong began his career as a freelance writer before joining Thaiger. His passion for news writing fuels his dedication to the craft, as he consistently strives to deliver engaging content to his audience.

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