Surge in gold prices today as announced by Gold Traders Association

Picture courtesy of Jingming Pan, Unsplash

The Gold Traders Association (GTA) announced a surge in gold prices today, after a significant drop. As of today, December 7, the gold bullion was sold for 34,300 baht per baht, showing a 100 baht increase compared to the closing price yesterday.

According to the GTA’s website, as of 9.04am local time, the selling rate for 96.5% gold bar was 33,800 baht per baht, and the buying rate was 33,700 baht. Meanwhile, the selling price for 96.5% gold ornaments was at 34,300 baht per baht, and the buying price was 33,094.28 baht.

On the international market, the Gold Spot price stood at 2,027.00 US dollars per ounce.

To summarise, today, the first announcement for the gold bar’s buying price was 33,700 baht per baht, and the selling price was 33,800 baht. For gold ornaments, the buying price was 33,094.28 baht per baht, and the selling price was 34,300 baht.

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The sudden fluctuation in gold prices is a significant development, and the GTA advises those interested in trading gold to keep a close watch on the market. With its reputation for stability and value, gold remains a popular investment and trading commodity, both domestically and on the global market.

In related news, the trading community’s optimism for gold prices remains undeterred despite a recent slump, attributing potential strength to a possible end to US Federal Reserve interest rate increases and the escalating conflict in the Middle East.

Spot gold prices oscillated between US$1,978 and US$1,978 per ounce, marking an increase of US$3.02 or 0.15%. Concurrently, domestic gold bars traded between 33,850 and 33,900 baht, as per Hua Seng Heng’s report.

The gold price trajectory is influenced by several factors, including the mounting anticipation of a halt in the Fed’s interest rate hikes. This could lead to a weakened dollar and US bond yields, following the central bank’s decision to maintain the rate at a 22-year peak of 5.25-5.50%. To read more click HERE

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Nattapong Westwood

Nattapong Westwood is a Bangkok-born writer who is half Thai and half Aussie. He studied in an international school in Bangkok and then pursued journalism studies in Melbourne. Nattapong began his career as a freelance writer before joining Thaiger. His passion for news writing fuels his dedication to the craft, as he consistently strives to deliver engaging content to his audience.

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