The global gold price has exceeded expectations, reaching a new high while the weakening baht has also influenced the price of Thai gold this morning (April 4), pushing it to new highs as well.
The Gold Traders Association reported that as of 09.19 am, the price of Thai gold has risen by 400 baht in total, with gold ornaments selling at 40,450 baht per baht and gold bars at 39,950 baht per baht. This is based on the Asian gold price of $2,301 per ounce and the Thai baht weakening to 36.70 baht per dollar.
Mr. Jitti Tangsitpakdee, the association’s chairman, stated that there is still no sign of a decrease in the gold price, except for possible selling pressure from gold funds.
Although Thai gold may experience a slight decrease of 50-150 baht in the short term, it quickly rebounds and could potentially reach 42,000 baht.
Hua Seng Heng Gold Futures Company has indicated that the gold price has reached $2,300 per ounce and the market is closing in on a new All-Time High.
Investors are closely monitoring the range of $2,300-2,305, with potential for further upward adjustments. Resistance is expected at $2,320 per ounce.
Factors influencing the gold price include the Russia-Ukraine conflict and the Middle East tensions, alongside the weakening US dollar. Meanwhile, central banks of various countries are increasing their gold reserves to mitigate risks. (TNA)
