Bangkok, Gold prices fluctuate after this morning’s surge to a new high in response to the Fed’s preparation to cut interest rates. If the baht does not strengthen, Thai gold will rise again. This morning, gold bars touched 42,150 baht/baht of gold.
The Gold Traders Association reported that today’s gold price (July 17) was volatile. The market opened from morning until 12.42 p.m. with prices changing 10 times. The latest price of gold bars was 41,900 baht per baht and gold ornaments were 42,400 baht per baht at a spot price of 2,467 US dollars per ounce, with an exchange rate of 35.92 baht per dollar. The gold price this morning opened the market for the first time, up 500 baht from yesterday’s price of 42,150 baht for gold bars and 42,650 baht for gold ornaments, due to the world market price that surged, which is the highest price or new high, following the spot price which was a new high of 2,482 dollars per ounce, with an exchange rate of 35.93 baht per dollar. Due to the baht’s appreciation, Thai gold
did not increase any higher than this.
Foreign news agencies reported that the price of gold futures surged to a new high this morning, supported by investors’ increasing confidence that the US Federal Reserve (Fed) will cut interest rates at its September meeting after Fed Chairman Jerome Powell emphasized that the Fed will not wait for inflation to adjust to its 2% target before starting to cut interest rates. The COMEX (Commodity Exchange) gold contract for August delivery rose to $2,478.4 an ounce this morning after closing at $2,467.80 an ounce in New York trading yesterday (July 16). The spot gold price rose 0.5% to $2,482.29 an ounce.
Source: Thai News Agency