Gold holds its ground: Steady prices shine in market update

Gold prices remained steady today according to the Gold Traders Association‘s opening market update, with the price of gold ornaments set at 32,650 baht per baht-weight.

The price of gold bars in the country was also unchanged, with the buying and selling rates at 32,050 baht and 32,150 baht per baht-weight respectively. Meanwhile, 96.5% pure gold ornaments were bought for 31,472.16 baht and sold for 32,650 baht per baht-weight.

The international gold price, or Gold Spot, stood at US$1,844.00 per ounce.

In summary, the gold prices for October 2, 2023 (Thai year 2566) are as follows:

• Gold bars: buying at 32,050 baht, selling at 32,150 baht per baht-weight.
• Gold ornaments: buying at 31,472.16 baht, selling at 32,650 baht per baht-weight.

These prices were announced at 9.26 am, and were unchanged from the closing prices of the previous day, Khaosod reported.

In related news, one week ago gold prices were impacted by recent statements from the Federal Reserve, indicating possible rate increases this year and a likelihood of high rates throughout next year.

This information, released on Wednesday, elevated the US dollar and bond yields, putting pressure on gold as investors revised their future price expectations for the precious metal. Consequently, Thursday saw a retreat in gold prices, with spot gold declining 0.1% to US$1,927.84 per ounce and US gold futures falling 1% to US$1,948.10.

The Federal Reserve also dismissed concerns about a potential US recession, which in turn reduced the demand for safe-haven assets like gold. Despite international fluctuations, domestic gold prices in Thailand soared to a record high of 33,550 baht on September 20, largely driven by a depreciation of the baht, which has weakened by 11% this year.

Gold Traders Association data reveals the domestic gold price has risen from 29,000 baht at the start of the year to a record 33,550 baht per baht weight on Wednesday, following the currency’s plunge to 36.28 baht to the dollar, Read more about this news HERE.

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