BANGKOK, Thailand – Domestic gold prices have once again set a new all-time high on October 30, driven by safe-haven purchases amid global uncertainties around the U.S. presidential election outcome and heightened Middle East tensions.
The Gold Traders Association reported a domestic price increase of 400 baht per baht of gold by 10:03 AM, with gold bullion selling at 44,350 baht per baht-weight and buying at 44,250 baht. Gold jewelry prices are also high, selling at 44,850 baht and buying at 43,448.56 baht. This record-breaking price comes as the baht remains stable around 33.73 THB/USD.
Thai gold prices have followed global market trends, with the COMEX (Commodity Exchange) December gold futures rising by $25.20, or 0.91%, to $2,781.10 per ounce yesterday, also marking an all-time high. Uncertainty around the U.S. election on November 5 and tensions in the Middle East have spurred safe-haven gold buying, which has contributed to the price surge. Additionally, market expectations that the U.S. Federal Reserve (Fed) will reduce interest rates at its November meeting provide further upward pressure on gold.
Hua Seng Heng Gold Futures Co., Ltd., a leading Thai gold trading company, commented on the technical indicators showing a continuing upward trend, with resistance likely around $2,800 per ounce. If former president Donald Trump wins, potential fiscal policy shifts could increase both national debt and inflation, further supporting gold prices. Analysts anticipate the Fed’s rate cut could be as much as 0.25% next week. Meanwhile, SPDR, the world’s largest gold-backed ETF, sold 1.72 tons of gold amid the rising prices. (TNA)
