BANGKOK, Thailand – In just one year, Thai gold prices have surged by 10,400 baht per baht-weight, setting a new all-time high on October 30.
The Gold Traders Association reported that today’s gold prices adjusted 11 times, with an increase of 400 baht per baht-weight from yesterday. The closing price for gold bars is now 44,400 baht per baht-weight, while jewelry gold closed at 44,900 baht. Intraday, gold prices hit record highs, with gold bars reaching 44,550 baht and jewelry gold at 45,050 baht per baht-weight. Compared to a year ago, prices have risen by 10,400 baht, driven by spot gold prices rising from $2,003 to $2,786 per ounce, while the exchange rate strengthened from 36 baht to 33.79 baht per U.S. dollar.
Analysts anticipate further price increases as demand for gold grows as a safe-haven asset amid uncertainties surrounding the upcoming U.S. presidential election on November 5, heightened tensions in the Middle East, and predictions that the U.S. Federal Reserve may continue with interest rate cuts at its November meeting. (TNA)
