Thai gold prices plummet, buyers encouraged to act

[snoop1130]

 

The Thai Gold Traders Association (GTA) disclosed a significant drop in gold prices, prompting those interested in purchasing to act quickly. The price of gold ornaments tumbled by 150 baht, comparing the closing price on January 24, which stood at 34,650 baht per baht-weight.

 

Today the latest figures from the association’s website, reported at 9.06am, show a marked decrease in price. As of the first announcement today, the buying price for gold bars in the domestic market is 34,050 baht per baht-weight, with the selling price slightly higher at 34,150 baht.

 

For gold ornaments, which are 96.5% pure, the buying price is at 33,442.96 baht per baht-weight, while the selling price is at 34,650 baht. Meanwhile, the global market price for gold, known as the Gold Spot, is currently at US$2,016.50 per ounce.

 

In a detailed breakdown of today’s gold prices, the first announcement lists the following rates: for gold bars, the buying price is 34,050 baht per baht-weight, and the selling price is 34,150 baht. For gold ornaments, the buying price is 33,442.96 baht per baht weight, and the selling price is set at 34,650 baht.

 

This substantial dip in prices reflects the volatility of the gold market, often influenced by a range of economic and geopolitical factors. It serves as a critical cue for investors and consumers alike, who look to gold as a safe-haven asset or a valuable addition to their assets.

 

By Nattapong Westwood

Caption: Photo by Zlaťáky.cz on Unsplash

 

Full story: The Thaiger 2024-01-25

 

- Cigna offers a range of visa-compliant plans that meet the minimum requirement of medical treatment, including COVID-19, up to THB 3m. For more information on all expat health insurance plans click here.

 

Get our Daily Newsletter - Click HERE to subscribe

 

[novacova]

Good time to buy gold, given that things are starting to flair up in the world. If things appear to change in the US elections in November, then expect the price to drop.

[JensenZ]

Oh my goodness! Gold plummeted by 150 baht per baht weight of gold! The world is ending!

 

This is the clearest example of trying to find news to fill up a news void.

 

Gold is STILL currently close to record highs (spot price) and people are getting record prices for hoarded gold.

[KannikaP]

13 minutes ago, snoop1130 said:

The price of gold ornaments tumbled by 150 baht,

Plummet 0.435%?

[JensenZ]

2 minutes ago, novacova said:

Good time to buy gold, given that things are starting to flair up in the world. If things appear to change in the US elections in November, then expect the price to drop.

Gold is unpredictable and you can't expect it to do anything, but bear in mind that the 14-day ADR (Average Daily Range) of gold is around $25 per day.

[Denim]

13 minutes ago, snoop1130 said:

This substantial dip in prices reflects the volatility of the gold market,

 

One persons ' substantial ' is anothers minor blip on a graph.

[proton]

First time I bought it was 6k, last time 13k, I'll not be bothering

[JensenZ]

6 minutes ago, KannikaP said:

Plummet 0.435%?

Yes, it's a joke, as the price of spot gold ranges about 1.25% per day on average.

[Artisi]

The sky is falling in....... We're all doomed...... 

[soi3eddie]

Many Thais are fixated on gold. Nothing like trying to spook the market into buying. They weren't telling people to "act" in the last few weeks when it was as low as 33,500 for gold bar (jewellry and ornaments lower).

Glad I bought last year when it was much lower. I'll not be buying more (nor selling) as gold for me is a safety net in case there's a collapse in the banks.

 

[novacova]

16 minutes ago, JensenZ said:

you can't expect it to do anything

I can and have

[JensenZ]

3 minutes ago, soi3eddie said:

Many Thais are fixated on gold. Nothing like trying to spook the market into buying. They weren't telling people to "act" in the last few weeks when it was as low as 33,500 for gold bar (jewellry and ornaments lower).

Glad I bought last year when it was much lower. I'll not be buying more (nor selling) as gold for me is a safety net in case there's a collapse in the banks.

 

The main driving forces for gold are interest rates and of course feelings of impending doom in the marketplace. The baht is weakening against the USD, countering a small drop in the price of gold.

 

The Spot price of Gold plummeted by $55 on Jan 15 & 16 but it has since recovered nearly $20. They were a bit late with the news.

[JensenZ]

5 minutes ago, novacova said:

I can and have

Well done! You have a 50/50 chance of being right.

[soi3eddie]

5 minutes ago, JensenZ said:

The main driving forces for gold are interest rates and of course feelings of impending doom in the marketplace. The baht is weakening against the USD, countering a small drop in the price of gold.

 

The Spot price of Gold plummeted by $55 on Jan 15 & 16 but it has since recovered nearly $20. They were a bit late with the news.

 

I bought branded cast bars from HuaSengHeng (one of the biggest, if not the biggest dealer) with many outlets in Yaowarat - and likely elsewhere. The HuaSengHeng Gold website has immediate spot prices and also a XAU/USD chart. It often seems that the Thai gold price in Thai Baht is out of kilter with rises and falls in the spot gold price in US Dollars. I've often thought there might be an arbitrage opportunity there but I've got other things to do.

 

[retarius]

Down 150 baht on a price of 34000 baht? Is that plummeting? A bit of hyperbole I think....someone wants to shift some excess gold.

[sirineou]

38 minutes ago, JensenZ said:

Oh my goodness! Gold plummeted by 150 baht per baht weight of gold! The world is ending!

Dude  you would have lost almost half of a percent on your investment!!

You be destitute. 

[JensenZ]

10 minutes ago, soi3eddie said:

 

I bought branded cast bars from HuaSengHeng (one of the biggest, if not the biggest dealer) with many outlets in Yaowarat - and likely elsewhere. The HuaSengHeng Gold website has immediate spot prices and also a XAU/USD chart. It often seems that the Thai gold price in Thai Baht is out of kilter with rises and falls in the spot gold price in US Dollars. I've often thought there might be an arbitrage opportunity there but I've got other things to do.

 

Considering the $25 ADR (14-day) of gold, which is about an 850 baht range, and roughly 420 baht per half ounce (15.16g of 96.5% purity), they cannot constantly adjust the price too frequently.

 

Here is my go-to site for the price in Thailand: https://www.gcap.co.th/gcapgold/home.php

 

I always check there before buying or selling.

 

I bookmarked your site too - good to have a few.

 

 

[Lacessit]

When it gets back to 18,000 baht, I'll get excited. I sold out at 25,000.

The OP is reminiscent of the stock pumping that goes on in sharemarkets.

[connda]

150 THB - Plummet?  (laughs)

[Walker88]

8 hours ago, novacova said:

Good time to buy gold, given that things are starting to flair up in the world. If things appear to change in the US elections in November, then expect the price to drop.

Yes, if trump is jailed and Biden re-elected, the good times (+3.3% GDP just announced) will continue and gold price will drop.

[BenStark]

12 minutes ago, Walker88 said:

Yes, if trump is jailed and Biden re-elected, the good times (+3.3% GDP just announced) will continue and gold price will drop.

 

Are weapon sales included in GDP? Asking for a friend

[Walker88]

31 minutes ago, BenStark said:

 

Are weapon sales included in GDP? Asking for a friend

Are you feeling fearful?

 

I understand those maga types are particularly violent people. Look what they did to police at the Capitol. Too bad only one of them got a double tap. I wonder where Kyle Rittenhouse was? I thought he was big on protecting cops. He could have gone to DC and gunned down those maga terrorists.

 

 

[Nick Carter icp]

4 minutes ago, Walker88 said:

Are you feeling fearful?

 

I understand those maga types are particularly violent people. Look what they did to police at the Capitol. Too bad only one of them got a double tap. I wonder where Kyle Rittenhouse was? I thought he was big on protecting cops. He could have gone to DC and gunned down those maga terrorists.

 

 

 

   Leave them alone, stop picking on them, I hate bullies 

[anyone]

9 hours ago, soi3eddie said:

...collapse in the banks.

 

Do you already have a bomb shelter? LOL

[hotchilli]

13 hours ago, soi3eddie said:

Many Thais are fixated on gold. Nothing like trying to spook the market into buying. They weren't telling people to "act" in the last few weeks when it was as low as 33,500 for gold bar (jewellry and ornaments lower).

Glad I bought last year when it was much lower. I'll not be buying more (nor selling) as gold for me is a safety net in case there's a collapse in the banks.

 

Correct... gold shops trying to coerce people into buying before it drops more.

[BritManToo]

14 hours ago, snoop1130 said:

The Thai Gold Traders Association (GTA) disclosed a significant drop in gold prices, prompting those interested in purchasing to act quickly. The price of gold ornaments tumbled by 150 baht, comparing the closing price on January 24, which stood at 34,650 baht per baht-weight.

Is a 0.3% drop all that significant?

[RayOday]

[BenStark]

6 hours ago, Walker88 said:

Are you feeling fearful?

 

I understand those maga types are particularly violent people. Look what they did to police at the Capitol. Too bad only one of them got a double tap. I wonder where Kyle Rittenhouse was? I thought he was big on protecting cops. He could have gone to DC and gunned down those maga terrorists.

 

 

 

And how is your answer related to my question?

 

By the way, i must have hit a nerve, as you have been going through my posts and replying to them.

 

Maybe fearful about what you are seeing in the GOP primaries, knowing that the US next January will be Trump ruled again.

 

 

[Ricky HKT]

Gold has been holding above $2000/oz for a couple months now. (Seems like $2K is the new support level).

Small moves are just noise.

Gold is a LONG TERM (years) investment in my opinion. You should do better holding than the paltry interest rates paid by the banks these days. 

I hold, and am pondering buying more. 

Yes, gold is held for emergencies.

[huangnon]

16 hours ago, soi3eddie said:

Many Thais are fixated on gold. Nothing like trying to spook the market into buying. They weren't telling people to "act" in the last few weeks when it was as low as 33,500 for gold bar (jewellry and ornaments lower).

Glad I bought last year when it was much lower. I'll not be buying more (nor selling) as gold for me is a safety net in case there's a collapse in the banks.

 

Yep, a long term investment and maybe hedge against a financial crash.

 

"Gold is money, everything else is credit" -JP Morgan.