Gold Prices Drop 6k Baht Amid Central Bank Measures

Matichon•Economy•259d ago

Reader Briefing

Thai gold prices experienced a significant drop of 6,000 baht on January 30, with traders attributing the decline to psychological impacts from the Bank of Thailand's cautionary measures on gold transactions.

•On January 30, the Gold Trading Association announced 63 price changes, with gold prices fluctuating around 70,000 baht throughout the day.
•By 4:15 PM on January 30, the selling price for gold bars was 75,500 baht, and for gold ornaments was 76,300 baht.
•The drastic price drop of 6,000 baht compared to the previous day was influenced by the Bank of Thailand's monitoring of gold trading activities, creating market uncertainty and impacting trading psychology.

Overview

•On Jan 30, prices of gold bars were 75,500 baht and gold ornaments were 76,300 baht.
•On Jan 30, gold prices decreased by 6,000 baht compared to the previous day.
•The Gold Trading Association announced price changes 63 times on Jan 30.
•The Bank of Thailand's cautionary measures on gold trading transactions were a contributing factor to the market's psychological response.
•Gold prices remained in the 70,000 baht range throughout the day on Jan 30.
•The reference Gold Spot price on Jan 30, was 5,070 US dollars per ounce.
•The exchange rate on Jan 30, was 31.44 baht per US dollar.
•Market participants adopted a wait-and-see approach due to the Bank of Thailand's measures, influencing short-term trading psychology.

Full article content is available on the original source.

Read on Matichon (Thai Version)View in Google Translate

Source: Matichon (Original)

Key Quotes

Gold Trader Source

"One reason affecting gold purchases on January 30 was the Bank of Thailand's (BOT) special measures to monitor gold trading transactions."

สาเหตุหนึ่งที่ส่งผลต่อการเข้าซื้อทองคำในวันที่ 30 มกราคม คือการที่ธนาคารแห่งประเทศไทย (ธปท.) ใช้มาตรการเฉพาะกิจเฝ้าระวังการทำธุรกรรมซื้อขายทองคำ

Key Entities

Organization

Gold Trading Association(สมาคมค้าทองคำ)

The organization that announced gold price changes and is responsible for monitoring the gold market in Thailand.

Bank of Thailand (BOT)(ธนาคารแห่งประเทศไทย (ธปท.))ℹ️

The central bank of Thailand that implemented special measures to monitor gold transactions, impacting market psychology.