The Price of Gold Drops 200 Baht, Rebounds before Noon
Association of Gold Traders Announces Drastic Decrease in Gold Price
In a surprising turn of events, the price of gold in the country plunged by 200 baht compared to the previous day, as confirmed by the Association of Gold Traders. The initial investment of 250 baht this morning fell significantly before gently bouncing back to 50 baht before noon.
Crude Oil Prices Surge Amidst Unexpected Plunge in US Stocks
In an unrelated market development, crude oil prices experienced an impressive 3% rise as US stocks plummeted more than anticipated. Investors are advised to closely monitor the upcoming OPEC meeting scheduled for October 4th, 2023.
Interest Rates Reach 10-Year High, Anticipated Rise in Commercial Banks
Brace yourself for the highest interest rates seen in a decade, as commercial banks are expected to follow suit. This increase may have a direct impact on the private sector, potentially leading to a reduction in Gross Domestic Product (GDP).
Latest Statistics on Gold Prices
- Gold bars can be bought back at 32,550.00 baht per baht of gold and sold at 32,650.00 baht per baht of gold.
- Gold jewelry can be bought back at 31,957.28 baht per baht of gold and sold at 33,150.00 baht per baht of gold.
Current Domestic Gold Spot Market Update
The domestic gold spot market is currently quoted at $1,875.00 per ounce, with a baht value of 36.78 baht per dollar.
YLG Group Observes Gold Market under Continuous Pressure
The YLG Group analyzes the gold market’s ongoing downward momentum, noting a consistent decrease in prices. After reaching a peak of $1,884 in August, gold prices have now settled at a lower level. This can be attributed to the impact of the rebounding dollar index, which has been achieving new highs. Furthermore, this situation is influenced by the Federal Reserve’s decision to maintain high-interest rates.
Potential US Government Shutdown Contributes to Gold’s Decrease
One additional factor affecting the current gold prices is the political situation in the United States. Failed negotiations between Democrats and Republicans regarding the draft budget have left the market apprehensive. With no conclusive agreement reached, a “Last Minute Deal” before the impending October 1st deadline seems unlikely. Consequently, government agencies face the risk of closure. These various factors have caused a dip in gold prices, ranging from $1,873 to $1,878.
The price of gold today has dropped by 200 baht since the previous day, with an initial investment of 250 baht this morning before gently bouncing back to 50 baht before noon.
Association of Gold Traders Announcement of the price of gold in the country (28 September 2023), closed trading after a sudden drop in price in the morning. Before moving back up slightly to 50 baht, resulting in the price of gold falling 200 baht compared to the previous day.
Crude oil prices rise 3% as US stocks plunge more than expected. Keep an eye on the OPEC meeting on 4 October 2023.
Interest rate increase to the highest in 10 years, commercial banks are expected to increase accordingly. -Private sector cuts GDP
Gold bars buy back 32,550.00 baht/baht of gold and sell 32,650.00 baht/baht of gold, gold jewelry buy back 31,957.28 baht/baht of gold and sell 33,150.00 baht/baht of gold.
Domestic gold spot market is quoted at $1,875.00/oz. and based on a baht value of 36.78 baht / dollar
YLG Group sees gold momentum Still under constant pressure The price fell to a low level. The August high of 1,884 dollars came down to rest in the lower zone. From the pressure on the dollar index that rebounded. sustained new highs With the background of the direction of using the Fed interest rate at a high level.
In addition, in the short term, the market is more concerned about the political situation in the United States. After negotiations on the draft budget between Democrats and Republicans Fail to find a conclusion And there may not be a last minute deal before the “Last Minute Deal” deadline.
As a result, government agencies are at risk of being closed on October 1. Such factors As a result, gold fell to the range of 1,873-1,878 dollars.
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