Gold prices in Thailand surge to historic 42,050 baht high

[webfact]

 

Gold prices reached a new high today, with the Gold Traders Association (GTA) reporting a significant increase to 42,050 baht per baht weight, marking a historic surge. In a remarkable shift, gold ornament prices soared by 600 baht compared to the previous day’s closing figures.

 

The GTA website showed that as of 9.02am, domestic gold bars were purchased at 41,450 baht per baht-weight and sold at 41,550 baht. This initial announcement set the tone for the trading day, indicating a robust start for gold transactions.

 

In terms of gold ornaments, which consist of 96.5% gold, the buying price was set at 40,704.60 baht per baht-weight, with a selling price of 42,050 baht. The spot gold price on the global market stood at 2,384.00 US dollars per ounce.

This jump in gold prices follows an upward trend from the close of business on April 12, where a 600 baht increase was immediately apparent upon the market’s opening this morning, reported KhaoSod.

The surge in gold prices today not only broke records but also pushed the benchmark beyond the 42,000 baht threshold. To summarise the prices on April 16: gold bars were bought at 41,450 baht and sold at 41,550 baht per baht-weight, while gold ornaments were bought at 40,704.6 baht and sold at 42,050 baht per baht-weight.

 

In related news, gold prices in Thailand skyrocketed, setting a new all-time high record, reflecting a sharp increase of 750 baht from the previous day’s closing rate. The surge occurred amidst volatile market conditions, with the GTA announcing five price changes within the first 35 minutes of the trading day, starting with an initial hike of 700 baht at 9am.

 

The second announcement saw an additional increase of 50 baht, pushing the selling price of 96.5% pure gold bars to 41,200 baht and the buying price to 41,100 baht. The price for gold ornaments was set at 41,700 baht for selling and 40,355.92 baht for buying.

 

by Nattapong Westwood 

Picture courtesy of Jingming Pan, Unsplash

 

Source: The Thaiger 2024-04-17

 

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[hotchilli]

Some will be eyeing granny's inheritance.... 

[ronster]

Why has the value rocketed ?

Wife told me that some TV star sold his Lamborghini and then went and bought gold with the 20 million bht. He then sold it about 2 months later making 1.8m bht profit. 

[nobodysfriend]

3 hours ago, webfact said:

the buying price was set at 40,704.60 baht per baht-weight

 

Time to start digging ...

 

But really , Gold is to be found in electronic waste like cellphones , computers etc ... it just has to be extracted .

Does Thailand do recycling of electronics ?

May be time to start this ?

[john donson]

what goes up, must come down...

 

poor thais better find the best option to sell before it goes down again

 

I have zero BTC but look forward to the fall...

 

when at 600k really wanted to buy a few, but bitks.h.i.t did not allow me after pages of personal info filled

[whiteman]

TODAY IT IS AT 41540

[NativeBob]

BTC is 62-something 

Time to buy some. I will

[cowellandrew]

Luckily my wife tells me her gold is in the wardrobe,

Funny I've not seen it in 25 years!

😰