Gold prices surged strongly once again after Federal Reserve Chair signaled a reduction in interest rates this year.
The Gold Traders Association reported that gold prices opened in the morning (Thursday March 7), and within less than an hour, they changed three times, increasing by a total of 400 baht per gold baht-weight.
In the third round at 09:56 am, the highest record for gold was set, with gold bars selling at 36,250 baht per ounce and buying at 36,150 baht, while gold ornaments sold at 36,750 baht and bought at 35,504.72 baht. This is due to the rise in Asian gold prices to $2,150 per ounce and an exchange rate of 35.65 baht to the US dollar.
Domestic gold prices surged following global gold prices, after the Fed Chair Jerome Powell announced a signal to lower interest rates this year. Factors contributing to this surge include the weakening of the dollar and the declining yield rates of US government bonds.
Gold Traders Association board member, Worachai Tangsitpakdee said that last year, global gold prices reached a peak of $2,145 per ounce, and this year, it has already reached $2,150 at the beginning of the year, suggesting a possibility of touching $2,200 per ounce.
As for Thai gold, it is estimated to reach 38,000 baht by the end of the year. However, caution is advised for those buying during this period to make a profit, as investment carries risks.
Currently, there has been excessive buying, and various funds that have invested may start selling to make a profit. With gold prices rising rapidly, there is also a possibility of a sharp decline. (TNA)
