One-time increase of Bt450 for gold prices

 

According to Gold Traders Association, gold prices were raised by Bt450 per baht weight at 9.34am, when the spot gold price hit US$1,368 an ounce and the baht was 31.28 against US dollar.

That pushed the gold bar price to Bt20,250 and gold ornament to Bt20,650.

At 2.02pm, gold prices have been adjusted five times. The net increase for today has been lowered to Bt350 per baht weight.  Gold bar then stood at Bt20,150 per baht weight. 

However, it is still much lower than in 2009.

Gold prices have fallen by around 20 per cent this year, hitting a three-year low in June of $1,180.71 an ounce. At around $1,360, it was some $600 below their September 2011 record high of $1,920.30 an ounce.

According to the World Gold Council (WGC)'s report released on August 15, the price of gold for the second quarter fell by more than $400 an ounce (a 12 percent drop). That was attributable to falling global demand. Gold demand slid 12 percent to 856.3 tonnes, from 974.3 tonnes a year earlier, as investors quit bullion funds and central banks reduced their purchases, its report said.