Picture courtesy of Apichart Jinakul
Thailand’s gold market is set to sparkle as prices climb to a dazzling 44,000 baht per baht weight, a leap from the previous 41,350 baht.
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Thailand’s gold market is set to sparkle as prices climb to a dazzling 44,000 baht per baht weight, a leap from the previous 41,350 baht. The surge is driven by escalating tensions in the Middle East, a dipping baht, and the US Federal Reserve’s impending interest rate cuts, says the Gold Traders Association (GTA).
On October 2, the gold bar prices shot up by 400 baht (US$12) per baht weight, as the baht tumbled from 33.02 to 33.04 against the US dollar. This follows an October 1 closing rate of 32.76.
While spot gold prices held steady, losing just 0.1% to settle at US$2,653.95 per ounce, all eyes are on forthcoming US economic data which could sway the Fed’s rumoured rate slashes later in the year.
The demand for gold surged following Iran’s missile strikes on Israel, highlighting the metal’s role as a safe-haven asset.
The current…