Gold Prices Rise as Baht Depreciates, Market Closes up 50 Baht

Gold Prices Close Market with 50 Baht Increase

Today, the spot market recorded a slight increase in gold prices, resulting in the market closing with a 50 baht surge. This upward trend was primarily driven by the depreciation of the baht, leading to a rise in domestic prices.

Gold Traders Association’s Announcement

The Gold Traders Association announced that the domestic gold price, as of September 1, 2023, witnessed a 50 baht increase compared to the previous day. This adjustment was made considering foreign prices and the depreciation of the baht.

Current Gold Price Rates

  • Gold bars buy back at 32,100.00 baht/gold baht and sell out at 32,200.00 baht/gold baht
  • Gold ornaments buy back at 31,517.64 baht/gold baht and sell out at 32,700.00 baht/gold baht

Spot Market and Exchange Rate

The domestic gold price refers to the spot market rate, which stands at $1,943.50 per ounce. This value is based on the exchange rate of the Thai baht, which is currently 35.04 baht per dollar.

Stability in Gold Price Today

The gold price today remains unchanged, as foreign countries have begun to slow down after experiencing the highest increase in almost a month. Moreover, the Thai baht has swung back in the open market, climbing above 35 baht per dollar.

Gold Futures and Investor Anticipation

Gold futures for December delivery continue to surpass the critical resistance level at $1,970/oz. This stability in gold prices on Friday, near a three-week high, is due to investors eagerly awaiting the release of US non-farm payrolls numbers. These numbers will help assess the interest rate direction set by the Federal Reserve (Fed).

Market Response and Dollar Depreciation

The price of gold experienced a significant increase earlier this week due to disappointing US job market data, resulting in a decline in new jobs. This market response has led to expectations that the Fed will maintain interest rates during their meeting in September, causing the dollar to depreciate.

Gold Price Trends

The spot gold price currently hovers around $1,940 per ounce, whereas gold futures for December delivery conclude the Asian market at $1,970/oz.

Today’s gold price closed the market together with 50 baht, according to the spot market price has increased slightly. and was driven by the depreciation of the baht causing domestic prices to rise

Gold Traders Association When announcing the domestic gold price (September 1, 2023), the market closed, increasing by 50 baht from the previous day. by adjusting for foreign prices and the depreciation of the baht

Gold bars buy back 32,100.00 baht/gold baht and sell out 32,200.00 baht/gold gold ornaments buy back 31,517.64 baht/gold baht and sell out 32,700.00 baht/gold baht

domestic gold Referring to the spot market at $1,943.50/oz. and based on the Thai baht, 35.04 baht / dollar

gold price today “Unchanged”, foreign countries began to slow down. after the highest increase in almost a month

Thai baht today swing open market return to stand above 35 baht/dollar

Gold futures for December delivery remained above the key resistance at $1,970/oz.

Gold prices were little changed on Friday. Near 3-week high as investors await US non-farm payrolls numbers. to assess the Federal Reserve’s (Fed) interest rate direction

The price of gold rose sharply in the middle of the week. After the poor US economic numbers of new jobs have fallen Causing the market to expect that the Fed will meet in September to maintain interest rates. causing the dollar to depreciate

Spot gold price is moving around 1,940 dollars / ounce. while gold futures Delivered in Dec. Move at $1,970/oz. at the end of the Asian market

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