Thai gold price rockets following Iran’s missile strike on Israel


The gold price in Thailand surged by 750 baht per baht weight on Tuesday amid concerns over rising tensions in the Middle East.

The buying price of gold bar was 41,500 baht per baht weight and the selling price was 41,600 baht, the Gold Traders Association reported at 10.07am.

For gold ornaments, the buying price was 40,750.08 baht and the selling price was 42,100 baht.

At close on Monday, the gold bar buying price was 40,850 baht and the selling price 40,950, while gold ornaments were trading at 40,113.36 and 41,450.

The gold rush comes after Iran’s Saturday attack on Israel triggered mass buy-ups of the precious metal as a so-called safe haven asset.

Iran bombarded Israel with missiles and drones on Saturday night in response to Israel's attack on the Iranian Embassy in the Syrian capital of Damascus.

The Israeli military said 99% of the missiles and drones were intercepted, but the attack sparked fears that Israel would counterattack, leading to an expansion of the Mideast conflict.