Baht weakens to lowest value in almost 6 months – gold new high

Bangkok, The baht depreciates. Recorded the weakest value in almost 6 months (since October 11, 2023) at 36.66 baht per dollar. This morning (9.27 a.m.) the price of Thai gold made a new high. according to world market prices Miss Kanchana Chokpaisansin Research executive Kasikorn Research Center stated that the baht has weakened. This is the same as the direction of other currencies in the region as the dollar strengthens. and US bond yields There was support from the ISM manufacturing index data in the US that rose to 50.3 in March (higher than the market's expectation of 48.1 and higher than 47.8 in February), which resulted in the market reducing its chances. The possibility of lowering interest rates from the US Federal Reserve or the Fed in June. The Ran Ngai Gold Traders Association gold price today Continuously increasing according to the gold price situation in the world market, making a new high price in the morning (09.41 hrs.) increasing 2 times, totaling 150 baht/baht of gold, gold bar price ( 96.5), buying at 38,950 baht per gold baht, selling The price of gold is 39,050 baht per baht. As for the price of gold jewelry, Buying gold baht at 38,248.68 baht per gold baht, selling out gold baht at 39,550 baht per gold baht, from the Asian gold price of 2,250 dollars/ounce, baht value of 36.67 baht/dollar. The price of gold futures rose to an all-time high again this morning at 8:05 a.m. Thai time. Gold contracts on the COMEX (Commodity Exchange) market are delivered in June. Rising $15.40 or +0.68% to reach $2,272.50/ounce. This was supported by the expectation that the US Federal Reserve (Fed) would begin lowering interest rates. and from the strong purchasing power of gold as a safe asset Analysts from JPMorgan Chase and Co. and Goldman Sachs are positive on the outlook for gold prices. JPMorgan predicts gold prices will hit $2,500/ounce this year, and Goldman Sachs expects gold prices to hit $2,300/ounce. This is supported by the downward trend in interest rates. And gold is also supported by Chin a buying more gold. Private investors turned to gold as the real estate market collapsed. and China's overall economic situation remains weak. Source: Thai News Agency