Thai gold prices surge, reach new high at 35,750 baht per baht
Gold prices in Thailand saw a continuous surge today, prompting those interested in trading the precious metal to act swiftly. The Gold Traders Association (GTA) reported a significant increase compared to yesterday’s closing rates, with the selling price of gold ornaments per baht weight reaching 35,750 baht today marking a 50 baht increase from the previous day.
The domestic market offered a buying price for gold bars at 35,150 baht per baht weight and a selling price of 35,250 baht. For gold ornaments, consisting of 96.5% pure gold, the buying rate stood at 34,519.32 baht while the selling rate was pegged at 35,750 baht. Meanwhile, the global gold prices, also known as Gold Spot, were quoted at US$2,080.50
The early morning update from the GTA website at 9.03am indicated the first announcement of gold prices for the day, starting a buzz among gold traders and investors. The rates are meticulously tracked as gold remains a key investment and security asset in Thailand’s economy.
In detail, the first announcement of gold prices today set the tone for the trading day:
Gold bars:
– Buying price: 35,150 baht per baht weight
– Selling price: 35,250 baht per baht weight
Gold ornaments:
– Buying price: 34,519.32 baht per baht weight
– Selling price: 35,750 baht per baht weight
Thai gold market
These figures represent the core transactions within the Thai gold market, where the baht weight is a traditional Thai unit of measurement used in the trade of gold, which is equivalent to 15.244 grams.
As gold prices continue to fluctuate, investors and consumers alike keep a close eye on the market. Gold is deeply ingrained in Thai culture, not just as a form of jewellery or adornment but also as a form of financial security. Families often invest in gold as a safeguard against economic uncertainty, and it is commonly given as a gift during weddings and other significant life events.
The increase in gold prices can be attributed to a variety of factors, including global economic trends, currency fluctuations, and local demand. Thailand’s gold traders remain alert to these changes, ready to buy or sell as the market shifts. Today’s rise in prices has particularly caught the attention of the market, suggesting a potential trend or reaction to broader economic conditions.
As the day progresses, the GTA will continue to monitor and update gold prices, providing critical information for those involved in the gold market. The association plays a crucial role in maintaining transparency and stability in gold trading, ensuring that both buyers and sellers have access to the latest, most accurate information, reported KhaoSod.
