Significant rise in Thai gold prices: ornaments now at 33,500 baht per baht weight

The Gold Traders Association (GTA) announced this morning a significant increase in gold prices compared to the previous day. The increase was reported to be 550 baht (US$15), with the price of gold ornaments set at 33,500 baht per baht weight. This is a marked jump from yesterday’s closing price of 32,305.96 baht per baht weight.

The report released today also revealed the buy and sell rates for gold bars in the local market. The buying rate stood firm at 32,900 baht per baht weight, while the selling rate was slightly higher at 33,000 baht. These figures were as per the GTA’s first announcement of the day.

Similarly, the buy and sell rates for gold ornaments varied. Gold ornaments were bought at 32,305.96 baht per baht weight but sold at a higher rate of 33,500 baht. The global gold price, or Gold Spot, was reported to be at US$1,930.00 per ounce, reported KhaoSod.

In summary, gold prices of today, as per the GTA’s first announcement, stood as follows:

Gold bars: Buying rate – 32,900 baht per baht weight, Selling rate – 33,000 baht per baht weight.
Gold ornaments: Buying rate – 32,305.96 baht per baht weight, Selling rate – 33,500 baht per baht weight.

Two days ago, the escalating conflict in the Middle East could drive global gold prices to US$1,875 per ounce, as predicted by the GTA.

The GTA president, Jitti Tangsithpakdi, pointed out that prices have risen by US$20-30 per ounce since the onset of hostilities between Israel and Hamas militants. Gold prices reached a one-week high of US$1,860 on October 11, and briefly touched US$1,870 later that day.

The GTA foresees gold trading within a range of US$1,845-1,875 in the short term unless the situation in the Middle East deteriorates further. To read more click HERE

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