The Gold Traders Association has indicated that gold prices in Thailand have not increased significantly, despite various developments abroad.
Gold Traders Association board member Worachai Tangsitpakdee explained that although a crisis broke out in Russia, the situation was resolved faster than expected. Gold prices were therefore unaffected.
He elaborated that the overall picture of gold prices in the global market at present was dependent mainly on the U.S. Federal Reserve’s policy rate increases.
Another factor that’s expected to exert pressure on domestic gold prices is the foreign exchange rate, which stands at 35.27 baht per US dollar – a depreciation from the 33 baht per dollar rate in early February. The price for gold bars is now 32,150 baht per baht-weight, which Worachai said is considered by investors to be rather high.
The board member said he believed that people looking to accumulate gold in the long term might want to wait a month or two for a better purchasing opportunity, as the price will potentially swing downward due to various factors.
For the rest of the year, Worachai said he expected the price of gold to remain within the range of 31,600 to 32,600 baht per baht weight. (NNT)
