Weak Thai Baht sets gold prices to new record; ornaments surpassing 42,000 Baht mark

0
1896
For gold ornaments, the buying price was 40,704.60 Baht per baht-weight, and the selling price for export reached 42,050.00 Baht per baht-weight – this sets a new record for gold prices in the country.

Gold has broken a new record in the Thai market, opening with a 600 Baht increase. The price of gold bars hit a new high, with bullion selling at 41,550 Baht and 42,050 Baht for ornaments, following global market trends and the depreciation of the Thai baht.



On Tuesday, April 16, the Gold Traders Association announced the first market opening with a 600 Baht increase. The buying price for gold bars stood at 41,450.00 Baht per baht-weight, while the selling price for export reached 41,550.00 Baht per baht-weight. For gold ornaments, the buying price was 40,704.60 Baht per baht-weight, and the selling price for export reached 42,050.00 Baht per baht-weight. This sets a new record for gold prices in the country.



Analysis from Hua Seng Heng Securities indicates that despite a slight decrease in gold prices to a daily low of $2,324 USD, strong purchasing power has returned due to the demand for safe assets amidst tension in the Middle East. Despite the strong US dollar and the rise in US government bond yields in March which exceeded market expectations, consumer confidence remains robust, leading to concerns that the Fed may delay interest rate cuts this year.