Bangkok: The price of gold in Thailand has soared to an unprecedented high, influenced by the surging global gold market and the weakening of the Thai baht. As of the latest trading session, gold ornaments are now being sold for 43,750 baht per baht-weight, setting a new all-time high for the country.
According to Thai News Agency, the fluctuation in gold prices on October 21, 2018, saw 13 different changes throughout the day, with the price increasing 12 times, accumulating a total rise of 700 baht. By 4:16 p.m., the price for gold bars reached 43,150 baht for buying and 43,250 baht for selling per baht-weight. Similarly, gold ornaments witnessed a buying price of 43,372.20 baht and a selling price of 43,750 baht per baht-weight. This increment aligns with the global market, where gold prices hit a new record of $2,735 per ounce. Meanwhile, the Thai baht weakened further in the evening to 33.43 baht per US dollar, a decrease from the morning rate of 33.16 baht.
The depreciation of the baht was further anal
yzed by the Kasikorn Research Center, which noted that the local currency’s decline was consistent with the depreciation trends seen in other Asian currencies, including the Chinese yuan. This regional trend followed the People’s Bank of China’s decision to cut the Loan Prime Rate (LPR) by 25 basis points. Additionally, the center observed significant foreign investor movement, with a net sale of 698.89 million baht in Thai stocks and a net outflow of 1,630 million baht from the Thai bond market on the same day.
Source: Thai News Agency