The Gold Traders Association announced the price of gold in Thailand, and the market closed today and fell 50 baht after adjusting the price up and down 10 times, which led to buying gold bars in the country at 40,800 baht per baht and selling them at 40,900 baht, while the price of buying gold jewelry reached 40,067.88 baht per baht and selling them at 41,400 baht.
Thai gold refers to the global gold price or spot gold at $2,473 per ounce. The exchange rate is 34.93 baht/dollar.
YLG analysts stated that the price of gold today (August 14) has risen closer to a 5-week high or close to an all-time high, however, the price of gold is still supported. From the bearish trend of the dollar and US bond yields. The US revealed last night (August 13) that the Producer Price Index (PPI) for July rose by 0.1% and 2.2% compared to the previous month. On a monthly and annual basis, respectively, indicating progress in the adjustment process. The decline in inflation in the US has led investors to believe that this increases the possibility of the Federal Reserve cutting interest rates to 0.50% in September, which is a factor that is pressuring the dollar and US bond yields.
In addition to the value of the dollar, the euro is still under additional pressure, as investors are still waiting for the US Consumer Price Index (CPI) data for July, which is scheduled to be released tonight at 19:00 and are still hesitant about providing water. Among the expectations that the Federal Reserve will cut interest rates to 0.25% or 0.50% in September, if the CPI data comes out lower than expected, investors are likely to increase their chances of a rate adjustment. A further rate cut to 0.50% by the Fed is considered positive for gold prices.