Bangkok:Gold prices experienced a significant increase, opening 1,100 baht higher, influenced by the outcomes of the US midterm elections.
According to Thai News Agency, the surge in gold prices coincided with a landslide victory for the Democratic Party in the US elections, which resulted in them gaining control of both houses of Congress. This political shift is also predicted to be a defeat for President Donald Trump's Republican Party.
Following the initial increase, gold prices rose by an additional 50 baht during the second price adjustment before declining by 200 baht. As a result, the current buying price for gold bars stands at 65,150 baht, while the selling price is at 65,350 baht. For gold jewelry, the selling price is 66,150 baht.
The Democratic Party's victory also led to a surge in US stock markets, while oil prices and the dollar experienced a decline.