Thai gold closes ฿1,100 higher after 30 price changes in volatile trading

Thai gold prices swung sharply throughout Wednesday (May 6), with the Gold Traders Association adjusting domestic prices 30 times before the market closed 1,100 baht higher than the previous day.

The surge came amid heavy speculative trading and heightened concerns over the global economic outlook, which pushed investors back into gold as a safe-haven asset.

Gold ends higher after volatile session

After the market closed on May 6, gold ornaments were quoted at a buying price of 69,978.56 baht per baht-weight and a selling price of 72,400 baht per baht-weight.
 

Gold bars were quoted at 71,400 baht per baht-weight for buying and 71,600 baht per baht-weight for selling.

Global gold, or Gold Spot, stood at 4,699 US dollars per ounce.

Three factors behind the rally

The sharp rise in domestic gold prices was driven mainly by three factors: a surge in global gold prices, volatility in the baht and renewed buying after a recent price correction.

Gold Spot climbed above 4,600 dollars per ounce after weaker-than-expected US economic data fuelled demand for the precious metal.

At the same time, the baht weakened rapidly in afternoon trading, adding further upward pressure on domestic gold prices.

Investors also returned to the market after gold had previously entered a correction phase, triggering active rebound buying during the day.

Investors urged to avoid one-time buying

Experts from the Gold Traders Association advised investors to monitor market news closely as volatility remains high.

They recommended buying in stages rather than committing all funds at once, warning that gold prices could correct at any time.