Thai gold market glistens: Prices sparkle with a 100 baht boost in a day
Gold prices in Thailand saw a significant surge today as per the Gold Traders Association. Compared to the closing price of the previous day, gold ornaments today, September 19, were sold at an increased rate of 33,100 baht (US$926) per baht weight, marking an upswing of 100 baht.
At 9.28am, the Gold Traders Association’s website showed the latest data. For 96.5% pure gold bars, the buying price stood at 32,500 baht while the selling price was 32,600 baht (US$912). For 96.5% pure gold ornaments, the figures were 31,911.80 baht for buying and 33,100 baht for selling.
In addition, the global gold price, or Gold Spot, was around 69,000 baht (US$1,933) per ounce. As such, the gold prices for today were announced as follows:
For gold bars:
- Buying price: 32,500 baht (US$909)
- Selling price: 32,600 baht (US$912)
For gold ornaments:
- Buying price: 31,911.8 baht (US$893)
- Selling price: 33,100 baht (US$926)
This latest shift in gold prices suggests a healthy demand for the precious metal among Thai consumers. Those interested in buying or selling gold should monitor these price changes closely, as fluctuations in the market can significantly affect their investments.
Here are some gold trading strategies and tips:
Gold trading offers immense profit potential, but it requires careful analysis, informed decision-making, and disciplined execution. Here are three effective gold trading strategies and helpful tips that everyone should note when trading:
Strategies:
- Day trading: This strategy involves buying and selling gold within the same day to capitalize on fleeting price movements. It requires knowledge of the market, access to substantial capital, and the ability to react quickly.
- News trading: This strategy involves taking advantage of large price swings when key economic news is released. Traders must stay updated on all relevant headlines and be able to react quickly.
- Position trading: This strategy involves holding onto profitable positions over extended periods to maximize profits. Traders must stay informed of company news and global economic trends.
Tips:
- Pay attention to risk management: Set realistic profit targets and stop-loss levels, and diversify your portfolio. Consider using risk management tools such as trailing stops or options contracts.
- Keep an eye on market sentiment: Monitor market sentiment indicators such as the COT report, investor surveys, and media sentiment. Understanding market sentiment can provide valuable insights into the behaviour of market participants and help you make more informed trading decisions.
- Choose the right trading platform and broker: Look for platforms that offer advanced charting tools, real-time data, and a user-friendly interface. Ensure that your chosen broker provides competitive spreads, low commissions, and fast order execution. Consider factors like customer support, security measures, and regulatory compliance when choosing a platform and broker.
By following these strategies and tips, you can increase your chances of success in the gold trading market. To read the full article: CLICK HERE.
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