This morning, the Gold Traders Association (GTA) revealed that gold prices had significantly increased from the day before. The price of gold jewellery was fixed at 33,500 baht per baht weight, an increase of 550 baht (about $15). From yesterday’s closing price of 32,305.96 baht per baht weight, this represents a significant increase.
The purchase and sell rates for gold bars in the local market were also disclosed in the report that was released today. The selling rate was somewhat higher at 33,000 baht, while the buying cost remained steady at 32,900 baht per baht weight. These numbers are from the GTA’s first day’s announcement.
The prices to buy and sell gold jewellery fluctuated similarly. Gold ornaments were purchased for 32,305.96 baht per baht weight and sold for 33,500 baht instead. According to KhaoSod, the price of gold on the world market, known as Gold Spot, was US$1,930.00 per ounce.
As of today, gold prices were as follows, according to the GTA’s initial report. Gold bars: Price per baht weight for buying is 32,900 baht, and price for selling is 33,000 baht per baht weight.
Gold ornaments cost 32,305.96 Baht per Baht weight when purchased, and 33,500 Baht when sold.
As the GTA warned two days prior, the worsening instability in the Middle East might push the price of gold to US$1,875 per ounce.
Jitti Tangsithpakdi, the president of the GTA, noted that since the start of hostilities between Israel and Hamas terrorists, prices have increased by US$20 to $30 per ounce. On October 11, gold prices rose to a one-week high of US$1,860 and briefly approached US$1,870.
The GTA predicts that gold will trade between US$1,845 and 1,875 in the near future until the situation in the Middle East gets worse.
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