Gold price surges past 60,000 baht on US government shutdown fears
Thai gold prices hit record highs as investors flock to safe-haven assets amid political deadlock in Washington and trade tensions.
Gold prices soared past 60,000 baht per baht weight on Tuesday (September 30), driven by investor fears of a possible US government shutdown.
The Gold Traders Association announced its first price adjustment of the day with a sharp rise of 650 baht, setting a new record at 58,850 baht per baht weight.
By 11am, gold had been adjusted upwards ten times, with gold bars buying at 59,200 baht and selling at 59,300 baht. Gold ornaments were quoted at 58,017.32 baht for buying and 60,100.50 baht for selling.
Kritcharat Hirunyasiri, Chairman of MTS Gold Group, told Krungthep Turakij that the surge stemmed mainly from concerns over the US budget stalemate.
If Congress fails to pass a budget, government operations will shut down, he said, noting that a shutdown would trigger more market turmoil, pushing gold even higher.
Globlex Securities added that gold spot prices reached US$3,864.55 per ounce at 11.03am.
The firm projected further upside, citing not only the looming shutdown but also renewed trade tensions after President Donald Trump threatened new tariffs on foreign films and furniture.
Amid wider geopolitical uncertainties, gold has regained its role as a safe-haven asset. Globlex advised investors to buy on dips at support levels of US$3,820–3,830 per ounce.
