Bangkok: Thai gold prices have witnessed a notable decrease, dropping by 450 baht to 63,950 baht, even as global gold prices continue their upward trajectory. Over the course of the day, the Thai gold market experienced eight price changes, maintaining a consistent decrease of 450 baht from the opening price.
According to Thai News Agency, the Gold Traders Association reported that the market opened with an immediate price decrease. Gold bars are currently being bought at 63,850.00 baht per baht of gold, with selling prices at 63,950.00 baht. Meanwhile, gold ornaments are being bought at 62,580.48 baht, with selling prices at 64,750.00 baht. In contrast, the global gold price stands at 4,218.00 dollars per ounce.
As of 12:09 PM, the market has registered eight price changes, yet the overall decrease remains at 450 baht. The buying and selling prices for gold bars and ornaments remain consistent with the figures reported at the market opening. The global gold price (Gold Spot) has slightly increased to 4,221.5 dollars per ounce.
Hua Seng Heng’s analysis reveals that the rise in global gold prices is attributed to the declining dollar index, which has fallen for six consecutive days to 99.40 units from 100.21 units. This follows an 87.6% probability that the Federal Reserve may cut interest rates by 0.25% in December. Market attention is also focused on US President Donald Trump’s recent announcement regarding the nomination of a new Federal Reserve chair to succeed Jerome Powell. Additionally, the yen has shown strength following comments from Bank of Japan Governor Kazuo Ueda about a potential interest rate hike.
The global gold price has reached a resistance level of $4,230-$4,245 but has since declined. Projections suggest that the global gold price could adjust downward to test the support level at $4,200, with potential recovery anticipated. However, if the price falls below the next support level at $4,160, it may return to a sideways trend.