THURSDAY, March 28, 2024
nationthailand

Sharp fall in gold prices draws huge number of buyers

Sharp fall in gold prices draws huge number of buyers

A large number of gold buyers flocked to Yaowarat on Wednesday, following the historical intraday fall in the metal price on rumours of central banks' unloading.

Gold Traders Association of Thailand today until 2.58pm has announced 8 adjustments in gold bar and ornament prices. In the first adjustment of the day, the gold price was cut by Bt2,350 per baht weight , the highest change in the gold price history. Altogether, the gold price has been cut by a total of Bt2,400.

 

 
As of 2.58pm/gold prices have been adjusted eight times 
1/ -2350
2/-50
3/ -50
4/+50
5/-50 
6/+50 
7/+50
8/-50 (2.58pm) 
Sell Bt18,950/Buy Bt18,850
Source: Gold Traders Association
 
Gold Traders Association's portal website witnessed heavy traffic today, with intermitten "out of service" sign, on overwhelming demand for information.
"Gold prices have fallen below the psychological support line mainly on the rumours that Cyprus' central bank will unload its gold holding, and the central bank in Italy may follow," Thanarat Possawong, managing director of Hua Seng Heng Gold Futures, told Channel 3 today. He said that investors reacted more negatively to the rumours than tensions in the Korean peninsula.
"All must protect themselves. The chance for speculation is limited," he added.
 
 
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