Headlines in Thailand According to Thai media reports, last month, due to the appreciation of the baht by more than 7%, the price of gold in Thailand has fallen every baht (a unit of measurement for Thai gold, 1 baht is worth approximately) to 15.16 grams), down more than 2,000 baht. The Thai Gold Exchange Association pointed out that if the baht continues to appreciate, the price of gold in Thailand will also fall further.
Jidi, President of the Thai Gold Traders Association, revealed that the current world gold price is at 2,520 US dollars per ounce (approximately 28.35 grams). Due to the impact of the appreciation of the baht, the price of gold in Thailand has a tendency that is opposite to the precious metal in the world market. Price Since the end of July, the price of gold in Thailand has fallen by 100-40,050 baht per baht.
Hua Seng Heng, a well-known local gold shop in Thailand, pointed out that the main reason for the increase in the price of gold in the world market is the weakening US dollar and the falling yields on US government bonds. One of the main reasons for the weakening of the US dollar is the poor performance of the recently released economic data set by the United States, such as important indicators such as GDP growth rate, employment data and the consumer confidence index. Not as expected by the market. In addition, another important factor is that Russia is preparing to buy foreign currency and gold worth more than 1.98 billion US dollars. Hua Seng Heng expects that if the US Federal Reserve cuts interest rates by 25-50 points to 4.75-5.00% at the meeting on September 18, the global gold price will continue to increase. Giddy said that if the US economy continues to weaken, the US Federal Reserve will choose to cut interest rates significantly, resulting in a weaker dollar and a stronger baht. In such a situation, the price of gold in Thailand will continue to be pulled down. Investors are advised to accumulate precious metals before the US Federal Reserve meeting on the 18th of this month, as the current price is low.
