Thai Gold Prices Plunge by 1,400 Baht Before Partial Rebound Amid Global Market Pressures
Bangkok, Thailand — Gold prices in Thailand experienced a sharp decline on Thursday, dropping by as much as 1,400 baht per baht-weight before recovering slightly by 200 baht later in the day, in response to global market pressures and investor uncertainty.
According to the Gold Traders Association, the price of gold opened with a steep 600-baht fall at 9:05 a.m., setting the tone for a highly volatile trading session. Throughout the morning, prices were revised 14 times — first with ten successive 50-baht reductions, followed by three larger 100-baht cuts — resulting in a total drop of 1,400 baht.
By early afternoon, however, the market showed signs of stabilization. Four consecutive price increases of 50 baht each added 200 baht back to the market value. As of 1:35 p.m., the gold rates stood at:
- Gold Bar (96.5%)
- Buy: ฿49,600
- Sell: ฿49,700
- Gold Ornament (96.5%)
- Buy: ฿48,709.08
- Sell: ฿50,500
Compared to Wednesday’s final rates, which had already declined by 300 baht over 11 updates, Thursday’s market activity underscored heightened volatility linked to global economic developments.
Internationally, spot gold fell 1.1% to $3,144.51 per ounce by 06:36 GMT, reaching its lowest point since April 10. U.S. gold futures followed suit, dropping 1.3% to $3,146.20.
The downturn is attributed to growing investor optimism about easing U.S.-China trade tensions, including a recent agreement to reduce tariffs and implement a 90-day ceasefire in the trade war. This has dampened gold’s appeal as a safe-haven asset.
“The intraday outlook remains weak for gold, as optimism over U.S.-China talks has dulled demand for safety assets,” said Jigar Trivedi, senior commodity analyst at Reliance Securities.
Traders are now closely watching the upcoming release of the U.S. Producer Price Index (PPI) at 12:30 GMT. A stronger-than-expected reading could boost the U.S. dollar and potentially apply further downward pressure on gold prices.
