Thailand gold prices drop 1,050 baht as global pressures mount
Thailand’s gold market closed sharply lower on June 29, with domestic prices down 1,050 baht as global pressure weighed on safe-haven assets.
- Thailand's gold prices fell sharply by 1,050 baht in a single trading day, closing at 63,600.00 baht per baht-weight for gold bars.
- The significant drop was directly linked to pressure from the global market, aligning domestic prices with international trends.
- Key global factors cited for the decline include a strengthening US dollar, the US Federal Reserve's interest-rate outlook, and profit-taking in safe-haven assets.
Thailand’s gold prices closed sharply lower on Monday (June 29), falling by 1,050 baht from the previous trading day’s close after a volatile session marked by repeated intraday adjustments.
The steep decline prompted investors and prospective buyers to monitor the market closely, particularly as domestic prices moved in line with pressure from global gold trading.
According to the Gold Traders Association’s 13th announcement, issued at 5.04pm, domestic gold prices were as follows:
- Gold jewellery was bought at 62,125.68 baht per baht-weight and sold at 64,400.00 baht per baht-weight.
- Gold bars were bought at 63,400.00 baht per baht-weight and sold at 63,600.00 baht per baht-weight.
- The global gold spot price stood at US$4,033.00 per ounce.
For buyers looking at smaller gold pieces, whether for investment or as gifts, estimated selling prices were as follows:
- Half-salung gold was priced at around 7,950.00 baht, while one-salung gold stood at about 15,900.00 baht. Two-salung gold was estimated at 31,800.00 baht.
- The figures are estimated based on a gold bar selling price of 63,600.00 baht per baht-weight.
Global factors weigh on gold market
The 1,050-baht drop at the close of trading marked a sharp single-day decline for Thailand’s gold market.
Analysts attributed the fall to pressure from global factors, including the strengthening of the US dollar, the interest-rate outlook of the US Federal Reserve, and profit-taking in safe-haven assets after gold prices had risen strongly earlier.
For buyers looking to accumulate gold, analysts viewed the sharp correction as a potentially attractive opportunity to buy gradually. However, they advised investors to spread out their purchases rather than committing all their funds in a single round.
For those already holding gold, the latest pullback may be a short-term correction if their cost remains low. Still, investors were urged to keep a close watch on global economic developments before making further decisions.
