Bangkok, Gold prices hit another high, gold bars touching 36,100 baht in line with international gold prices.
The Gold Traders Association reported that Today’s Thai gold price for the first time at 9:10 a.m. has increased by 100 baht, resulting in the “price of gold bars” buying at 36,000 baht per baht and selling at 36,100 baht per baht, while the “price of gold jewelry” is buying at 35,353.12 baht per baht and selling. Issued at 36,600 baht per baht. However, today’s second price adjustment at 10:49 a.m. reduced the price by 50 baht from yesterday’s price. In one day, the price of gold increased by 700 baht after announcing a total of 8 price adjustments
. The price of Thai gold increased as the New York gold contract increased in trading on Tuesday (March 5). Gold contracts The COMEX (Commodity Exchange) market for delivery in April increased by $15.60 or 0.73% to close at $2,141.90/ounce. The market still responds to the prediction that The US Federal Reserve (Fed) will cut interest rates in June and
expects that Central banks in other countries will also ease monetary policy this year. Gold, which is a safe-haven asset, was also supported by concerns about the conflict situation in the Middle East. The price of gold has risen more than $300 since the Israeli-Hamas war began in October 2023.
In addition, gold contracts received positive factors from the weakening of the dollar. This increases the attractiveness of gold. This made gold contracts cheaper for holders of other currencies and was supported by a decline in US government bond yields. which fell in US government bond yields It will help reduce the opportunity cost of holding gold. This is because gold is an asset that has no return in the form of interest. Investors are relieved of their concerns about inflation. After the United States released the Personal Consumption Expenditure (PCE) price index that was in line with analysts’ expectations. And keep an eye on Fed Chairman Jerome Powell’s statement this week, which will reveal the Fed’s inter
est rate outlook. There will be a Fed monetary policy meeting on March 19-20.
Kasikorn Bank side The baht is reported to be at a level of approximately 35.83-35.85 baht per dollar. This morning (9:17 a.m.) compared to yesterday’s market closing level of 35.82 baht per dollar. There is a chance to weaken during the day in line with other currencies in Asia, led by the Yuan, which has negative factors due to concerns over the still fragile Chinese economic situation and the market expects clear stimulus measures from the government. China In addition, the selling pressure of the dollar Should slow down some This is because the market is closely waiting to follow signs of monetary policy from the speech of the Chairman of the Federal Reserve (Fed) tonight.
Source: Thai News Agency