Thailand gold hits new high, crosses 38,300 baht
Gold prices in Thailand today surged in three rapid increments, hitting a new record high as the precious metal’s retail prices broke through the 38,300 baht mark. Amidst this upward trend, the Gold Traders Association (GTA) announced three price adjustments by mid-morning, each time increasing by 50 baht.
At 11.14am, gold bullion with 96.5% purity was selling for 37,850 baht and buying for 37,750 baht, while ornament gold was selling for 38,350 baht and buying for 37,066.20 baht. This pricing considers the current exchange rate of 36.42 baht to the US dollar. Meanwhile, the international Gold Spot price stood at US$2,196 per troy ounce.
The analysis from YLG Bullion International Limited suggests that gold prices continued to rise on the global market on March 27, closing up by US$13.83, buoyed by a weakening US dollar which reacted to a short-term strengthening of the Japanese yen.
This followed statements by Masato Kanda, a Japanese currency diplomat, who indicated that Japan may respond through policy if the yen becomes too volatile, echoing sentiments from Shunichi Suzuki, Japan’s Finance Minister, who hinted at potential intervention after the yen hit a 34-year low.
Despite the rising gold prices, YLG noted an increase in buying interest, but also indicated that profit-taking selling pressures emerged as prices climbed, though not significantly enough to cause a large drop. They advised buyers to consider the risk and suggested a stop-loss strategy should prices fall below a certain support level, reported KhaoSod.
Specifically, they recommended buying on dips if prices can sustain above US$2,173 per ounce and cut losses if it falls below this support level.
If prices establish a base around the next support levels of 2,158 to 2,144 dollars per ounce, they advise gradually closing buying positions for profit, especially if prices fail to break through the resistance levels of 2,200 to 2,223 dollars per ounce. Conversely, if prices do pass these levels, they recommend maintaining a buying position.
