The price of gold in Thailand is expected to stabilize along with the stronger Thai baht as gold sales this Lunar New Year gain traction.
Jitti Tangsithpakdi, President of the Gold Traders Association (GTA), projects that the gold price in Thailand will stabilize thanks to the appreciating baht, listed at around 30,000 baht per baht weight (roughly 15 grams) on Friday.
President Jitti explained that rising global gold prices from 1,615 US dollars per ounce in October of last year to around 1,900 dollars per ounce currently is being offset by the strong Thai currency that has appreciated from 38 baht per 1 US dollar to 32 baht.
He added, however, that the price of gold can still be affected by external factors, such as U.S. Federal Reserve rate hikes and fluctuations in the Thai currency.
Sales of gold during this Lunar New Year are reportedly livelier than last year amid improving consumer confidence and higher tourist numbers. (NNT)