BANGKOK, Thailand – The Thai stock market continues to struggle as investors grow increasingly concerned over the potential impacts of the ongoing trade war between the U.S. and China. Meanwhile, gold prices hit an all-time high as investors flocked to safe-haven assets.
On Monday (Feb 10), gold prices in Thailand set a new record, with the Gold Traders Association reporting the price of gold bars at 46,400 Baht per baht weight and gold ornaments at 46,900 Baht per baht weight, following a rise in global gold prices to 2,894 USD per ounce. The Thai baht stood at 33.87 per dollar. This marked the 9th price change of the day, with an increase of 950 Baht per baht weight from the previous day.
The COMEX gold futures market saw a continued upward trend, with April delivery contracts rising by 10.90 USD, closing at 2,887.60 USD per ounce. This marked the sixth consecutive week of gains, fueled by concerns over the U.S.-China trade war.
The ongoing trade tensions have led to China’s retaliatory tariffs on U.S. imports, including coal, LNG, crude oil, agricultural equipment, and certain vehicles, all set to take effect today. Investors are increasingly turning to gold as a safe investment amidst growing uncertainties.
In contrast, the Thai stock market faced further declines, with the index dropping by 17.49 points, reaching 1,264 points. Investors expressed concern over President Trump’s plan to implement tariffs on steel and aluminum imports from all countries, prompting caution in the local market. Analyst expectations indicate the market could find support around 1,250 points but is still vulnerable to global developments. (TNA)
