Golden stability: Thai prices hold steady after dazzling surge

Gold prices in Thailand remained unchanged today, following a record surge that saw the selling price for gold ornaments breach the 41,150 baht mark. The Gold Traders Association (GTA) reported that the price of gold on April 9, 2024, was consistent with the closing figures from the previous day.

The latest data from the GTA website, recorded at 9.39am, indicated that the price for gold ornaments stood firm at 41,150 baht per baht-weight—a traditional Thai unit of measurement, with 1 baht-weight equivalent to 15.16 grammes.

In the domestic market, gold bars with 96.5% purity were purchased at 40,550 baht and sold at 40,650 baht, according to the third announcement of the day. Meanwhile, gold ornaments of the same purity were bought at 39,825.32 baht and sold for 41,150 baht.

These prices reflect a stable market, with no increase or decrease from the closing prices the day before, suggesting a period of equilibrium in the local gold trade.

The global gold market, or Gold Spot, was priced at US$2,342.50 per ounce, adding an international perspective to the domestic stability of gold prices. The GTA made three announcements throughout the day, signalling the importance of keeping traders and investors up-to-date with the most current pricing information.

The second announcement showed a slight variation in prices, with gold bars bought at 40,500 baht and sold at 40,600 baht, and gold ornaments bought at 39,764.68 baht and sold at 41,100 baht. However, the first and third announcements confirmed the stable prices mentioned earlier, with no change in the buying and selling rates.

Market consolidation

This steadiness in gold prices comes after a notable increase that captured the attention of traders and investors alike. The unchanged prices can be interpreted as a moment of market consolidation after the previous day’s spike.

While the factors influencing the gold price plateau were not detailed, various elements such as international market trends, currency fluctuations, and economic indicators often play a role in the valuation of this precious metal, reported KhaoSod.

Gold has historically been a significant aspect of the Thai economy, serving as both a cultural emblem and a financial investment. The GTA plays a crucial role in disseminating accurate and timely information, which is vital for those who engage in the trade of gold, whether for personal adornment or investment purposes.

Investors and traders in Thailand closely monitor these announcements as they plan their buying and selling strategies, seeking to capitalise on market movements. The stability in gold prices may provide a brief respite for investors to strategize before the next shift in the market. With gold being an integral part of Thailand’s financial landscape, such updates are essential for maintaining an informed and vibrant trading environment.