Thai gold ornaments surge during Songkran, reaching new heights of 41,700 baht


During the Songkran festivities, the price of gold soared to unprecedented levels. Gold bullion reached 41,200 baht, while gold ornaments touched 41,700 baht as well. The price of gold has been on a relentless upward trajectory, fluctuating nine times within half a day. New highs were recorded as gold bars were sold at 41,200 baht and gold ornaments at 41,700 baht.

On the morning of April 12, the Gold Traders Association reported the first market opening at 9.00 AM, with gold bars bought at 41,150 baht and sold at 41,050 baht. Meanwhile, gold ornaments were bought at 41,310.44 baht and sold at 41,650 baht, marking a staggering increase of 700 baht, the highest in history.

In the second session, at 9.07 AM, prices surged even further, setting a new record. Gold bars were bought at 41,100 baht and sold at 41,200 baht, while gold ornaments were bought at 40,355.92 baht and sold at 41,700 baht.

Throughout the day, prices have changed nine times, increasing by 700 baht. In the ninth adjustment at 11.39 AM, gold bars were bought at 41,050 baht and sold at 41,150 baht, while gold ornaments were bought at 40,310.44 baht and sold at 41,650 baht.

Analysts from YLG Bullion International revealed that gold prices are experiencing significant fluctuations, reaching near the day’s peak on April 11 and setting new all-time highs on April 12. If prices stabilize or decrease slightly, there may be a resurgence of buying interest to capitalize on profits.

Meanwhile, analysts from Hua Seng Heng Gold Futures Co., Ltd. stated that despite short-term signals of correction, gold prices continue to make new highs. Strong buying pressure emerges with each significant sell-off, suggesting that gold prices are poised for further upward adjustments, with a short-term target of $2,400.