Thai gold prices drop at market open, gold bars at 34,050 baht

[snoop1130]

 

Gold prices in Thailand saw a decline at the opening of the market, comparing the last price from January 29. The Gold Traders Association (GTA) reported the selling rate for gold ornaments at 34,550 baht per baht-weight (a traditional Thai unit of measurement for gold, equating to 15.16 grammes) for today, marking a decrease of 100 baht from the previous day’s closing rate.

 

Investors and consumers witnessed a dip in the cost of gold as the GTA updated its figures at 9.06am. Gold bars, 96.5% purity, were bought at 33,950 baht and sold at 34,050 baht per baht-weight. The buying rate for gold ornaments of the same purity stood at 33,336.84 baht, with the selling price reaching 34,550 baht. In the international market, gold spot prices were quoted at US$2,031.00 per ounce.

 

The detailed morning announcement for today indicated the purchase price for gold bars was 33,950 baht per baht weight, and the selling price was set at 34,050 baht. For gold ornaments, the buying and selling rates were listed at 33,336.84 baht and 34,550 baht per baht weight, respectively.

 

The fluctuation in gold prices often reflects a combination of domestic economic factors and global market trends. The movement in the price of gold spot on the international stage can significantly influence local gold prices, given that gold is universally regarded as a safe-haven asset during times of economic uncertainty. Additionally, currency exchange rates, particularly the strength of the Thai baht against the US dollar, play a crucial role in determining the final price of gold in the country.

 

By Nattapong Westwood

Caption: Photo by mamewmy taken from Freepik

 

Full story: The Thaiger 2024-01-30

 

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[timendres]

6 hours ago, snoop1130 said:

The fluctuation in gold prices often reflects a combination of domestic economic factors and global market trends.

 

The price of gold in Thailand is the price of gold in USD times the USDTHB exchange rate.

Any other value would feed arbitrageurs until it fixed itself.

[metisdead]

A post with a trolling meme contravening our Community Standards has been removed.

[connda]

Thailand is signaling a Central Bank rate cut and the government is signaling massive deficient spending.  Just like most of the world's governments.

34K?  Look at it this time next year as gold nears escape velocity.

[connda]

15 hours ago, timendres said:

 

The price of gold in Thailand is the price of gold in USD times the USDTHB exchange rate.

Any other value would feed arbitrageurs until it fixed itself.

I got the feeling from one of Marc Faber's latest interviews that there should be some reverse correction coming. But yeah, arbitrage is an issue.

Edited January 31 by connda