Gold rush 2.0: Prices hit dazzling new heights past 45,000 baht
Hold onto your wallets, gold enthusiasts, prices are soaring yet again! The glittering metal has surpassed a staggering 45,000 baht, according to the latest update from the Gold Traders Association (GTA).
As of today, February 3, gold jewellery is now selling at a dazzling 45,250 baht per baht weight, reflecting a 150 baht increase in just 24 hours.
The drama unfolded at 9.07am with the GTA’s first announcement of the day. Gold bars were trading hands with purchase rates at 44,650 baht per baht weight and selling at 44,750 baht.
Meanwhile, those after a bit more bling could find 96.5% gold jewellery being snapped up at 43,842.72 baht per baht weight, with a selling price topping at an impressive 45,250 baht.
This rush isn’t confined to the local stage. Globally, the Gold Spot market glittered at a price of US$2,777.50 per ounce, translating to roughly 93,676 baht, reported KhaoSod.
These eye-popping numbers are setting the gold market abuzz with excitement as investors and aficionados alike scramble to get in on the action.
Here’s a quick snapshot for today’s golden glitterati:
- Gold bars: bought at 44,650 baht per baht weight, sold at 44,750 baht.
- Gold jewellery: bought at 43,842.72 baht per baht weight, sold at 45,250 baht.
Last week, gold prices are predicted to rise by over 6% in the coming three months following Donald Trump’s inauguration as US President, due to uncertainties surrounding US economic and political policies, according to local traders.
Hua Seng Heng Gold Futures (HGF) forecasts a 6.38% increase in gold prices within the first three months of Trump’s administration and a 3.3% rise over six months.
HGF’s research note indicates that historical data suggests gold prices are often buoyed by political uncertainties and expectations for a new president’s policies. During Trump’s initial presidency from 2017 to 2021, the association between Trump and uncertainty appeared evident, with gold showing resilience to such conditions.
If you’re thinking of buying or selling, now might be the time to weigh in on this golden opportunity—before prices go through the roof.
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