Thai gold jumps to a new record amid safe-haven buying
After strong run-up over the past week, Thai gold extended its gains again on Monday morning, with prices revised higher at market open.
- Thai gold prices surged to a new record high, with the selling price for a gold bar reaching THB74,500 per baht-weight.
- The rally is attributed to strong safe-haven buying, which is also driving up global gold prices to new records.
- Key factors fueling the safe-haven demand include geopolitical tensions, a weaker US dollar, and expectations of US interest rate cuts.
Thailand’s gold prices hit a fresh record on Monday (January 26) after the Gold Traders Association issued its first announcement (market open) at 9.11am, raising prices by THB1,400 in a single move.
Gold climbed to a new all-time high around THB74,500 per baht-weight, after Saturday’s surge to THB73,100.
Over the past week, prices rose by as much as THB4,650, previously reaching a record THB73,350.
Domestic gold prices (96.5%) on Monday (Announcement 1)
Gold jewellery (ornamental gold)
- Selling price: THB75,300 per baht-weight
- Tax base: THB72,904.44 per baht-weight
Gold bar
- Selling price: THB74,500 per baht-weight
- Buying price: THB74,400 per baht-weight
Domestic gold prices (96.5%) Saturday (January 24)
Gold jewellery (ornamental gold)
- Selling price: THB73,900 per baht-weight
- Tax base: THB71,540.04 per baht-weight
Gold bar
- Selling price: THB73,100 per baht-weight
- Buying price: THB73,000 per baht-weight
Global gold prices on Monday
Spot gold jumped sharply this morning, breaking above US$5,000 per ounce and repeatedly posting fresh records around US$5,070 per ounce, up from last week’s close near US$4,987 per ounce.
US COMEX gold rose US$66.30 per ounce in Friday’s session, closing near US$4,979.70 per ounce, approaching the US$5,000 level.
The rally has been supported by safe-haven buying amid geopolitical tensions, a weaker US dollar, and expectations that the US Federal Reserve will continue cutting interest rates later this year.
Hong Kong gold market
Hong Kong gold prices opened sharply higher in line with global markets, rising HK$1,105 to around HK$46,885.
