Thai ornament gold price hits 40,950 baht, investors watch closely
Gold prices in Thailand saw a continuous rise, with the Gold Traders Association (GTA) marking the opening of the market with an uptick. Those interested in the precious metal would note the significant increase in the selling price of ornament gold, which reached 40,950 baht per baht-weight as of today, May 8, showing a 50 baht increase from the previous day’s closing price.
As of the morning update at 9.04am, the GTA website reported that the selling price for ornament gold stood at 40,950 baht per baht-weight, while the buying price for gold bars was at 40,350 baht and their selling price at 40,450 baht. For ornament gold, fashioned to a purity of 96.5%, the buying price was listed at 39,628.24 baht per baht-weight.
Internationally, gold prices also reflected an upward trend, with the Gold Spot price standing at US$2,309.50 per ounce. This global movement often influences local markets, as international gold prices serve as a benchmark for local trading, reported KhaoSod.
The first announcement of the day for domestic gold prices was as follows: Gold bars were bought at 40,350 baht and sold at 40,450 baht per baht-weight. Ornament gold, with its 96.5% purity, was purchased at 39,628.24 baht and sold at 40,950 baht per baht-weight.
In related news, global gold prices are set to touch US$2,500 per ounce in the latter half of this year, as per predictions by local gold traders, despite a recent slump below US$2,300. The market has scaled down its expectations for US interest rate cuts this year to a maximum of two times, a reduction from the previously anticipated three to four times.
President of the GTA, Jitti Tangsithpakdi, attributes this optimistic view to the ongoing purchases of gold by worldwide central banks, given the current scarce supply of the precious metal.
“Previously, we expected the Federal Reserve would bring down the US rates three to four times, pushing the global prices to US$2,500 an ounce towards the end of this year, Now that one or two reductions are more probable, we expect gold to certainly surpass US$2,400, and even possibly reach US$2,500.”
