Thai gold prices on Saturday were down by 1,200 baht per baht-weight (15.2 grammes), as a global and local correction continued after a surge to record highs earlier in the week.
The Gold Traders Association on Saturday morning announced buying prices of 72,616.40 baht per baht-weight for gold ornaments and 74,100 baht for gold bars. Selling prices were set at 75,000 and 74,200 baht, respectively.
On Friday, buying prices closed at 73,798.88 baht for gold ornaments and 75,300 baht for gold bars. Selling prices closed at 76,200 and 75,400 baht, but were still up by 1,100 baht from the previous Friday.
The market was due for a correction, and the triggers behind the selloff could be a combination of factors, ranging from US President Donald Trump’s choice of a new Federal Reserve chairman to broader macro flows, said Suki Cooper, global head of commodities research at Standard Chartered Bank.
Gold prices fell sharply by 6,100 baht from Thursday’s close of 81,500 baht. Prices were adjusted 75 times during trading on Friday.
In world markets, gold recorded its steepest one-day fall since 1983 on Friday amid heavy profit-taking. The spot price on Saturday moved below $4,900 an ounce, after reaching a record $5,602 on Thursday.
Gold remains on track for a 13% ‌rise this month, marking its sixth consecutive monthly increase.
Source: Bangkok Post