BANGKOK, Thailand – Gold prices in Thailand continue to climb, setting new record highs as global gold markets rally. The price of gold jewelry (96.5% purity) surged to 43,900 baht per baht weight after three consecutive price increases in the morning (Oct22), totaling a 150-baht rise. The increase follows a historic rise in global gold prices, driven by escalating geopolitical tensions in the Middle East.
According to the Gold Traders Association, the domestic retail gold market opened today at 9:04 AM with stable prices compared to yesterday. Gold bullion was priced at 43,150 baht for buying and 43,250 baht for selling per baht weight. Gold jewelry was priced at 42,372.20 baht for buying and 43,750 baht for selling.
By 11:13 AM, after three incremental price hikes of 50 baht each, gold bullion prices had risen to 43,300 baht for buying and 43,400 baht for selling. Gold jewelry prices increased to 42,523.80 baht for buying and 43,900 baht for selling per baht weight.
Hua Seng Heng Gold Futures Co., Ltd. reported that the global gold price has reached an all-time high of $2,740 per ounce, fueled by heightened Middle East tensions, prompting investors to purchase gold as a safe haven. UBS expects this situation, combined with predictions of a U.S. Federal Reserve interest rate cut, to push gold prices to $2,900 per ounce within the next 12 months.
However, a strengthening U.S. dollar and rising bond yields are putting pressure on gold prices, leading to a slight decline by market close. Meanwhile, SPDR Gold Trust’s holdings remain unchanged.
Gold prices in Thailand have mirrored the global trend, with domestic gold bullion (96.5%) prices surpassing 43,000 baht and hitting an all-time high of 43,250 baht. The rapid weakening of the Thai baht, due to regional factors and increased demand for the dollar, has contributed to the upward trajectory of gold prices.
Gold Prices Rise Again! An increase of 250 baht pushes gold jewelry to 44,250 baht
As of 12:36 PM on October 23, the Gold Traders Association reported another price adjustment following the morning market opening, with gold prices rising by 250 baht from yesterday. The latest prices for gold bullion are 43,650 baht for buying and 43,750 baht for selling per baht weight. For gold jewelry, the buying price is 42,875 baht, while the selling price has reached 44,250 baht per baht weight. This increase follows the continuous rise in global gold prices.
