PATTAYA, Thailand – As of 11:00 a.m. on Tuesday (Sept 30), Thai gold prices surged 10 times, reaching record highs following global gold trends and a softer baht. Gold bars are being sold at 59,300 baht per baht-weight, while gold ornaments go for 60,100 baht. The calculation is based on a USD/THB exchange rate of 32.39 and a gold spot price of $3,865.50 per ounce.
Meanwhile, New York COMEX gold futures for December delivery rose $46.20 or 1.21% on Monday (Sept 29), closing at $3,855.20 per ounce, supported by expectations that the U.S. Federal Reserve may cut interest rates in October, concerns over a potential government shutdown, and ongoing geopolitical tensions from the Russia-Ukraine war. These factors drove investors to seek gold as a safe-haven asset.
Nattawut Wongyaowaruk, head of research at Globlex Securities, noted that gold prices are likely to remain volatile, supported by uncertainties in trade wars and geopolitical tensions. He projected a range of $3,760–$3,850 per ounce and recommended buying on price dips.
On the downside, external factors such as India planning to increase oil imports from the U.S. to reduce trade imbalances could affect gold demand.
The baht is trading in a narrow range of 32.24–32.26 per USD this morning (9:07 a.m.), slightly weaker than yesterday’s close at 32.22. Analysts estimate today’s range at 32.10–32.35, with key indicators to watch including Thailand’s August current account, foreign fund flows, global gold prices, China’s September PMI, and U.S. economic data, including August job openings, labor turnover, and September consumer confidence.
