Gold prices in Thailand surge with ornaments at 37,350 baht

Gold prices in Thailand saw a significant hike today, with the Gold Traders Association (GTA) reporting an increase that builds on the closing figures from the previous day. Today, March 19, gold ornaments were sold at 37,350 baht per baht-weight, a 150 baht rise from yesterday’s closing price. The latest data released by the association at 9.04am underlines a buoyant market for gold enthusiasts.

At the opening of the trade, the price for gold bars of 96.5% purity was quoted at a buying price of 36,750 baht and a selling price of 36,850 baht per baht-weight. This marks the first announcement of the day regarding the precious metal’s trading figures. For gold ornaments, the buying price stood at 36,095.96 baht per baht-weight, with the selling price reaching 37,350 baht.

The global gold market, often referred to as Gold Spot, was trading at $2,161.00 per ounce. Despite a minor dip in prices on March 18, 2024, the local gold prices remained robust, crossing the 37,100 baht threshold.

The Gold Traders Association announced the first gold prices of the day. For gold bars, the buying price is at 36,750 baht per baht-weight while the selling price at 36,850 baht per baht-weight

For gold ornaments, the buying price at 36,095.96 baht per baht weight while the selling price is 37,350 baht per baht weight

The fluctuations in gold prices are keenly observed by investors and the general public alike, as they reflect broader economic trends and investor sentiment. The increase in local gold prices may be influenced by a variety of factors, including global market trends, currency exchange rates, and domestic demand for gold.

Gold haven

Gold has traditionally been a haven for investors, particularly in times of economic uncertainty. The latest increase in prices suggests a steady demand and a potentially cautious approach by investors who may be looking to hedge against volatility in other markets.

The buzz around the gold market is palpable, with buyers and sellers actively engaging in trade, keeping a close eye on the shifting prices. The GTA plays a crucial role in setting these prices, which are used as benchmarks for the country’s gold trading.

As the day progresses, market participants will be watching for subsequent announcements from the association to see if the upward trend continues or if prices will adjust in response to any new economic data or market conditions. The gold market’s dynamism makes it an area of interest for economic analysts and casual observers alike, as it serves as a barometer for the nation’s financial pulse.