Golden delight: GTA unveils gold rush with prices soaring to new heights

The Gold Traders Association (GTA) today announced a strong surge in today’s gold prices. Compared to yesterday’s closing price, gold ornaments are selling at 34,800 baht per baht, up by 200 baht. This information was released on their website at 9.08am.

Gold bars of 96.5% purity are currently being bought at 34,200 baht per baht and sold at 34,300 baht per baht, according to the first announcement. Gold ornaments of the same purity are being bought at 33,579.40 baht per baht and sold at 34,800 baht per baht. Meanwhile, the global gold price stands at US$2,084.50 per ounce.

To summarise the gold prices for December 4, 2023, according to the first announcement: Gold bars are being bought at 34,200 baht per baht and sold at 34,300 baht per baht. Gold ornaments are being bought at 33,579.4 baht per baht and sold at 34,800 baht per baht, reported KhaoSod.

Last month, the GTA projected the potential rise in gold prices, possibly hitting US$2,015 (71,535 baht) per ounce in the near future. However, this trend may be interspersed with periods of market volatility.

On November 22, spot gold saw an increase of 0.4% to US$1,997.39, spurred by a dip in the US dollar and a fall in the benchmark US 10-year treasury yields to a low not seen in the last two months. US gold futures also saw a slight gain of 0.3% to US$1,998.60.

November 21 had seen the precious metal trading at a three-week high of US$2,007.29 per ounce. However, it experienced selling pressure following unsettling initial jobless claims data, disrupting market expectations of the Federal Reserve beginning to cut rates around June in response to a slowing US economy, the GTA said.

Lower interest rates often result in a boost to gold prices due to the decreased opportunity cost of holding non-yielding assets.

President of the GTA, Jitti Tangsithpakdi, named the Federal Reserve’s predictions on interest rate trends, fluctuations in the value of the baht against the dollar, and ongoing tension in the Middle East as the primary drivers of global gold prices. Read more about this story HERE.