BANGKOK, Thailand – Gold prices in Thailand opened sharply higher on November 5, gaining 1,100 baht per baht-weight as global gold rallied following the US midterm elections. The Gold Traders Association announced its opening prices at 9.04am. The market then rose by a further 50 baht in the second adjustment before falling by 200 baht.
At the time of the reported update, 96.5% gold bars were quoted at 65,150 baht per baht-weight for buying and 65,350 baht for selling. Gold jewellery was quoted at 66,150 baht per baht-weight for selling. The rise followed a strong rally in international gold prices as the US dollar and Treasury yields weakened after the election results. Global spot gold climbed to its highest level in more than two weeks, while US stock markets also advanced and oil prices declined.
The election results indicated a shift in congressional control towards the Democratic Party, prompting investors to reassess the political and economic outlook under President Donald Trump. Market movements reflected expectations of possible changes in fiscal policy, bond yields and the US dollar. Gold prices remained volatile throughout the morning as traders responded to movements in the international market and currency exchange rates.
