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Gold prices in Thailand rise to 40,950 baht per baht weight

Picture courtesy of Jingming Pan, Unsplash

Gold prices in Thailand saw a significant rise today, prompting many to check the latest rates. Compared to the closing price from yesterday, June 18, gold ornaments are now being sold at 40,950 baht per baht weight. According to the Gold Traders Association, the price increase today was 150 baht.

As of 9.08am, the local gold bar buying price stands at 40,350 baht per baht weight, with a selling price of 40,450 baht per baht weight. Meanwhile, for gold ornaments with a purity of 96.5%, the buying price is 39,628.24 baht per baht weight and the selling price is 40,950 baht per baht weight. The global gold price (Gold Spot) is currently at 2,329.50 US dollars per ounce, reported KhaoSod.

The price summary for today is as follows:

Gold Bars:
Buying price: 40,350 baht per baht weight
Selling price: 40,450 baht per baht weight

Gold Ornaments:
Buying price: 39,628.24 baht per baht weight
Selling price: 40,950 baht per baht weight

In related news, YLG Bullion International advises investors to accumulate gold as prices consolidate, with expectations of a rise in the medium to long term, particularly after anticipated interest rate cuts by the Federal Reserve later this year.

Global gold prices have increased by 13.2% this year, driven by high demand from central banks and institutional investors amidst tightening supply, according to YLG chief executive Pawan Nawawattanasub. Domestically, prices surged by 20.2%.

Gold prices fell from a record high of US$2,449.89 per ounce in mid-May to approximately US$2,380, which was attributed to profit-taking.

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However, gold prices remain on an upward trend, supported by several factors such as concerns over global economic growth, geopolitical conflict, and accumulated purchases by central banks around the world. said Pawan, adding that limited gold supply is also driving prices over the long term.

The US Geological Survey reported that only 59,000 tonnes of gold supply remains globally, with an annual production average of 3,000 tonnes.

Thailand News

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