Gold prices surge on US-Iran peace deal signals

Prachachat•Economy•7d ago

Reader Briefing

Global and domestic gold prices surged on August 5 and 6 following signals of progress in US-Iran peace negotiations.

•Global gold prices rose by 4.14% to 4,247 dollars on Wednesday, August 5.
•The price increase was supported by a decrease in US government bond yields.
•Signals of progress in US-Iran negotiations may lead to the opening of the Strait of Hormuz.
•The Gold Traders Association increased domestic gold prices by 1,900 baht.

•Global gold prices closed on Wednesday, August 5, at 4,247 dollars, an increase of 168 dollars or 4.14%.
•Global gold prices reached a peak of 4,302 dollars during the day and were later at 4,280 dollars.
•MTS Gold stated the surge was driven by a decrease in US government bond yields following progress in negotiations between the US and Iran.
•Progress in the US-Iran deal may lead to the opening of the Strait of Hormuz.
•The SPDR gold fund purchased 4.85 tons previously, bringing total holdings to 1,014.15 tons.
•The SPDR gold fund has a net sale of 57.86 tons from January 1 to the present.
•The Gold Traders Association announced a first-time domestic price increase of 1,900 baht.
•Domestic gold bullion selling price rose to 67,150 baht, while gold jewelry rose to 67,950 baht.

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MTS GOLD

A gold shop entity that provided analysis on the gold price surge.

Mae Thong Suk Gold Shop(ห้างทองแม่ทองสุก)

The owner of the MTS GOLD page.

Pi Securities(บล.พาย)

An entity that noted gold prices surged the most in 7 months.

A gold fund that holds 1,014.15 tons of gold.

Gold Traders Association(สมาคมค้าทองคำ)

The organization that announced domestic gold price adjustments.

United States(สหรัฐ)ℹ️

A country involved in peace deal negotiations with Iran.

Iran(อิหร่าน)ℹ️

A country involved in peace deal negotiations with the United States.

Strait of Hormuz(ช่องแคบฮอร์มุซ)ℹ️

A location that may be opened following progress in the US-Iran peace deal.