Thai gold opens 1,050 baht higher at 65,800 baht

Thailand’s domestic gold price surged by 1,050 baht at the opening of trading on Wednesday (July 22), lifting the selling price of gold bullion to 65,800 baht per baht-weight.

The Gold Traders Association issued its first price announcement at 9.02am, with prices rising sharply from Tuesday’s final level of 64,750 baht.

Tuesday saw 20 price revisions during the trading session, resulting in a net increase of 750 baht from the previous day.

Thailand gold prices on July 22

The opening prices for 96.5% gold were:

• Gold bullion buying price: 65,600 baht per baht-weight
• Gold bullion selling price: 65,800 baht per baht-weight
• Gold jewellery tax-base price: 64,293.56 baht per baht-weight
• Gold jewellery selling price: 66,600 baht per baht-weight

The rates were the association’s first announcement of the day and may be revised during trading.

Previous closing prices

The final prices announced on Tuesday were:

• Gold bullion buying price: 64,550 baht per baht-weight
• Gold bullion selling price: 64,750 baht per baht-weight
• Gold jewellery tax-base price: 63,262.68 baht per baht-weight
• Gold jewellery selling price: 65,550 baht per baht-weight

Global gold rebounds above US$4,100

Global spot gold recovered strongly to around US$4,122 an ounce on Wednesday morning.

US Comex gold futures had closed the previous session US$60.50 higher at about US$4,076.40 an ounce.

Gold was supported by hopes that the United States and Iran could resume peace negotiations. A potential easing of tensions could slow the rise in oil prices and reduce inflation concerns, lessening pressure on the US Federal Reserve to keep interest rates elevated for longer.

Hong Kong gold opened HK$285 higher at around HK$38,265.