Summary: The “price of gold” continues to decline throughout the week. In particular, Thursday, Friday and Saturday saw a sharp drop of 700 baht in total.
Gold price announcement in the country by Gold Traders Association (29 Sep 2023) was announced once at 9:22 AM, after yesterday (Friday) price change by 200 baht, total 3 rounds of gold price announcements. 300 baht.
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According to today’s gold price
- Bullion buys gold at 32,050.00 baht/baht and sells it at 32,150.00 baht/baht.
- Gold jewelers bought gold at 31,472.16 baht/baht and sold gold at 32,360.00 baht/baht.
The domestic gold spot market is quoted at $1,850.00/oz. and 36.63 baht/dollar based on the baht value
Gold price summary throughout the week, especially on Thursday, Friday and Saturday, which fell by a total of 700 baht. Today, gold fell by another 200 baht. Is there a chance for gold bars to fall to 32,000 baht? Meanwhile, the price of 1 salung is 8,038 baht today.
A month-end domestic gold price announcement on Saturday, September 30, cut another 200 baht for the 3rd day. This week (Sept. 25-30), though only this week, will have 10 rounds of gold price announcements, an increase of 4 rounds. It’s 6 times lower, but the overall price is a whopping 700 baht. In terms of baht value compared to last week, this week saw the biggest depreciation in 10 months, around 36.84 baht, which found movement between 36.02-36.84 baht.
Meanwhile, US gold prices fell another $12.50 last night to close at $1866.10, a fifth straight day of sharp declines due to pressure from safe-haven asset selling. After the United States released the core PCE price index, which was the lowest in 2 years, the market raised concerns about US inflation.
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Spot gold fell sharply for the 5th day in a row due to selling of safe-haven gold after the market eased concerns over US inflation. It fell to a two-year low after the release of inflation data, including an interest rate hike by the US Federal Reserve (Fed).
As for the overall picture for gold prices this week, they fell sharply as U.S. government bonds rose to their 16-year high, hitting their strongest in 10 months due to pressure from the dollar. Keeping interest rates higher for longer than expected to prevent inflation
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