Gold Rises Over 71,000 Baht Amid US-Iran Peace Deal Expectations

Matichon•Economy•136d ago

Reader Briefing

Thai gold prices surged by 350 baht, surpassing 71,000 baht, mirroring global trends and spurred by expectations of a US-Iran peace agreement.

•Gold prices in Thailand increased by 350 baht, reaching over 71,000 baht.
•The rise in Thai gold prices is attributed to fluctuations in global gold prices.
•Expectations of a US-Iran peace deal have influenced market sentiment and gold prices.
•The New York gold futures market closed higher due to potential peace talks.

•On May 7, the Gold Trading Association announced three price adjustments for 96.5% gold.
•Gold prices increased by a net of 350 baht across three adjustments on May 7.
•96.5% gold bars are being bought at 71,750 baht per baht-weight and sold at 71,950 baht per baht-weight.
•Global gold (Gold Spot) is priced at 4,709 US dollars per ounce, with the Thai Baht at 32.30.
•New York gold futures surged on Wednesday (May 6) due to reports of a potential US-Iran peace agreement.
•The potential peace deal between the US and Iran led to a drop in oil prices and eased inflation concerns, influencing gold.
•COMEX gold futures for June delivery increased by 125.80 dollars (2.75%) to close at 4,694.30 dollars per ounce.
•The weakening US dollar made dollar-denominated gold contracts more attractive to foreign investors.
•Axios reported on Wednesday that the White House believes the US is close to reaching a Memorandum of Understanding (MOU) with Iran.
•The US expects a response from Iran on several key issues within the next 48 hours.

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Gold Trading Association(สมาคมค้าทองคำ)

The organization that announced the gold price adjustments in Thailand.

Heng Seng Haung(ฮั่วเซ่งเฮง)

A gold shop reporting on New York gold market activity.

US Federal Reserve(ธนาคารกลางสหรัฐฯ)ℹ️

The central banking system of the United States, whose interest rate policies affect global markets.

COMEX (Commodity Exchange)ℹ️

A commodity futures exchange that trades gold contracts.

A US online media outlet that reported on US-Iran negotiations.

An Iranian news agency that reported on Iran's consideration of US proposals.

Gold Spot(ทองคำโลก)

The international spot price benchmark for gold.

United States(สหรัฐ)ℹ️

The country involved in potential peace talks with Iran and a key player in the global economy.

Iran(อิหร่าน)ℹ️

The country involved in potential peace talks with the United States.

White House(ทำเนียบขาว)ℹ️

The official residence and principal workplace of the President of the United States, involved in US-Iran diplomatic efforts.

Esmail Baghaei(เอสมาอิล บาเกอี)

Spokesperson for Iran's Ministry of Foreign Affairs, commenting on Iran's response to US proposals.