On Tuesday, December 10, 2024, the Gold Traders Association announced a notable shift in the gold market, with prices adjusted five times throughout the day, culminating in a total increase of 50 baht from the previous day’s closing price.
As the market closed, the price of gold bars stood at 42,500.00 baht for buy-back and 42,600.00 baht for sell-out per baht of gold. Gold jewelry, on the other hand, was bought back at 41,735.48 baht and sold out at 43,100.00 baht per baht of gold.
For those interested in smaller quantities, the price of one salung of gold, including gratuity, was set at 11,150 baht. two salung of gold was priced at 21,800 baht, while half a salung was available for 5,825 baht.
International gold prices,as depicted in the image above,remained above the $2,660 level,a testament to the global demand for the precious metal.
Domestic gold prices,closely tied to the spot market,were influenced by the international price of $2,664.50 per ounce. With the baht valued at 33.77 baht per dollar, the domestic market saw a direct correlation with global trends.
These movements in the gold market reflect the dynamic nature of precious metal trading, where prices can fluctuate rapidly in response to global economic indicators and investor sentiment.
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for U.S. readers interested in global culinary trends, this restaurant’s opening in Bangkok offers a glimpse into the exciting world of fusion cuisine. It’s a reminder that the culinary arts know no boundaries and that innovation can lead to delightful and unexpected culinary experiences.
Gold Market Shifts: Insights from Industry Expert on Recent price Surge
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In light of recent fluctuations announced by the Gold Traders Association, we delve into the implications of the evolving gold market. Prices have seen significant changes, raising questions about domestic and international influences on gold trading. To shed light on these shifts, we sit down with Dr. lionel Harris, a renowned economist specializing in precious metals.
The Recent Price Adjustments
Senior Editor: Dr.Harris, can you explain the factors that led to the notable shift in the gold market on December 10, 2024? What contributed to the five price adjustments throughout the day?
Dr. harris: Absolutely. the fluctuations we witnessed stemmed largely from global demand, impacted by various economic indicators. As international gold prices have hovered above $2,660 per ounce, local markets needed to recalibrate frequently to align with these global benchmarks and maintain competitiveness.
Domestic vs. International Pricing
Senior Editor: You mentioned global benchmarks. How do domestic prices relate to international rates, especially in Thailand?
Dr.Harris: That’s a great point. Domestic prices are closely tied to spot market rates. As an example, with the international gold price recorded at $2,664.50 per ounce and the baht valued at 33.77 baht per dollar, this creates a clear relationship where local prices adjust according to shifts in the international market. As consumers, we see this translated into the buy-back and sell-out figures locally.
The Impact on Smaller Quantities of Gold
Senior Editor: For individuals interested in smaller quantities, how might these price shifts impact their purchasing decisions?
Dr. Harris: When we look at prices for smaller units like salung, the adjustments have made it increasingly critically important for consumers to remain vigilant. Prices for one salung set at 11,150 baht,and increments for two and half salung,reflect how market trends can rapidly change purchasing power.Consumers should always consider making purchases at times of favorable market conditions.
Looking Ahead: Trends in the Gold Market
Senior Editor: As we look to the future, what should investors and consumers watch for in the gold market?
Dr. Harris: Keeping an eye on global economic indicators is crucial. Factors such as inflation rates, currency fluctuations, and geopolitical stability directly influence gold prices. Additionally, as demand for gold continues to rise in emerging markets, we may see more volatility that could present both challenges and opportunities for investors and consumers alike.
Concluding Thoughts
Senior Editor: Thank you, Dr. Harris, for your insights regarding the current state and future of the gold market. It has been enlightening to discuss these critical developments.
Dr. Harris: Thank you for having me. Understanding these dynamics is vital for anyone involved in gold trading or investment.
