PATTAYA, Thailand – Thai gold prices climbed to record highs on the morning of January 12, with gold ornaments reaching 68,450 baht per baht weight and gold bars at 67,550 baht, following strong upward movements in global gold markets. GOLD SPOT prices surged to 4,579 US dollars per ounce, while the Thai baht traded at 31.25 baht per US dollar.
According to the Gold Traders Association, prices changed nine times by 11:23 a.m., rising six times with a total gain of 800 baht per baht weight and dropping three times with a total loss of 150 baht per baht weight. The peak price for gold ornaments marked a historic high for the Thai market, reflecting the global market rally.
Hua Seng Heng Gold Futures Co., Ltd. analyzed that gold has remained above the critical support level of 4,500 USD per ounce, indicating potential further gains toward resistance at 4,600 USD. Short-term corrections may occur, but if the price falls below 4,480 USD, a consolidation phase is likely. Thai gold prices mirrored these global trends.
The price surge is supported by multiple factors, including U.S. 10-year bond yields holding steady at 4.16%, lower-than-expected U.S. nonfarm employment data, and heightened global geopolitical tensions—from unrest in Iran and the detention of Venezuela’s president to U.S. strategic signals regarding Greenland. These factors have reinforced gold’s role as a safe-haven asset.
However, a strengthening U.S. dollar index (DXY), higher-than-expected U.S. unemployment figures, and signals from the Federal Reserve on stable interest rates have weighed against gold. SPDR Gold Trust also reported a net sale of 0.57 tons, bringing its total holdings to 1,064.56 tons.
YLG Bullion International noted that the modest rise in U.S. nonfarm payrolls in December—only 50,000 new jobs, below forecasts of 60,000—combined with a large-scale U.S. airstrike targeting ISIS-linked sites in Syria on January 10, has bolstered gold demand as a safe asset.
Currently, global gold prices are holding above 4,423–4,407 USD per ounce and have broken past 4,500 USD, signaling continued upward momentum. Analysts caution that the recent all-time high may trigger periodic profit-taking, but as long as prices remain above 4,482–4,516 USD, the market is likely in a temporary consolidation before further gains.
Investment strategy advice suggests selling for profit if gold fails to surpass 4,600–4,612 USD, while trailing stops should be set at 4,482 USD to lock in gains. Buying may be considered again if prices hold above 4,482–4,516 USD, with a stop-loss placed below 4,482 USD. (TNA)
