Bangkok: Gold prices reached unprecedented levels today, with adjustments made 13 times throughout the day, culminating in a 250 baht increase.
According to Thai News Agency, the Gold Traders Association anticipates that global gold prices may soon exceed $3,100, with potential to surge past $3,200 if the Federal Reserve decides to cut interest rates in its meeting tonight.
Mr. Worachai Tangsitpakdee, Deputy Secretary-General of the Gold Traders Association, reported that world gold prices hit an all-time high of $3,042 per ounce at midday, despite a minor dip in the afternoon, maintaining a position above $3,000 per ounce. This upward trend suggests that Thai gold prices might again approach 50,000 baht per baht, reminiscent of levels seen at the end of 2567.
The rising gold prices are attributed to ongoing geopolitical conflicts and economic uncertainties, which have bolstered gold’s status as a safe asset. Analysts predict that within the next three to six months, global gold prices could surpass $3,100 and $3,200 per ounce, respectively, potentially driving Thai gold prices above 50,300 baht per baht. These forecasts remain contingent on the exchange rate and upcoming Federal Reserve policies. The market anticipates that the Fed will maintain the interest rate at 4.5%, which could support a gradual increase in gold prices given persistent geopolitical tensions and central banks’ gold accumulation strategies.
Investors are advised to be cautious with gold investments during this period due to potential price fluctuations. Despite the risks, Thai gold has seen a 13% increase, equivalent to 5,600 baht, since the start of the year. The overall outlook suggests a higher probability of continued price escalation. Current gold holders are encouraged to maintain their positions, with projections indicating a strong possibility that global gold prices will exceed $3,100 per ounce.
In Bangkok’s Yaowarat district, gold shops experienced a resurgence of activity after a sluggish start to the year caused by high gold prices. Both buyers and sellers were active, with some patrons purchasing gold for retention while others opted to sell.
The Gold Traders Association’s website reported a total of 13 price adjustments today, resulting in a 250 baht increase from yesterday’s closing prices. Gold ornaments are now priced at 49,050 baht per baht, while gold bars are at 48,250 baht.
