Shining Surge: Gold prices soar in Thailand, hitting 32,650 baht per baht

The Gold Traders Association reported an increase in gold prices in Thailand today, with gold bullion trading at 32,650 baht per baht, up 50 baht compared to the closing price of yesterday. Gold bars are being bought at 32,050 baht and sold at 32,150 baht.

Recording a rise in gold prices today, the Gold Traders Association stated that gold ornaments were trading at 32,650 baht per baht. This signifies an increase of 50 baht compared to the closing price yesterday. At 9.25am today, the website of the Gold Traders Association (also known as the Gold Traders Association) revealed this information.

Local gold bars now have a purchase price of 32,050 baht per baht and a selling price of 32,150 baht. On the other hand, 96.5% purity gold ornaments are bought at 31,472.16 baht per baht and sold at 32,650 baht. Additionally, the global gold spot price stands at US$1,954.50 per ounce. These pricing details were announced in the first update of the day on 31 May.

To summarise the gold prices for today, in the first announcement: Gold bars:

• Purchase price: 32,050 per baht
• Selling price: 32,150 per baht

Gold ornaments:

• Purchase price: 31,472.16 per baht
• Selling price: 32,650 per baht

Earlier this month, the World Gold Council (WGC) revealed that the global demand for gold from investors is witnessing an increase due to instability in the banking sector, geopolitical tensions, and a challenging economic environment, prompting individuals to turn to the precious metal as a safe-haven asset.

The WGC’s most recent Gold Demand Trend report revealed that demand for gold bars and coins rose by 15% year-on-year to 1.9 tonnes in the first quarter of 2023 from 1.6 tonnes a year prior. Meanwhile, domestic jewellery demand experienced a 6% decline during the same period, down to 2.1 tonnes.

Overall consumer demand for gold in the country increased by 3% from the same timeframe in 2022, reaching 3.9 tonnes, as noted in the report. To read more on the story click HERE.