Thai Gold Prices Surge 550 Baht as Global Gold Hits 3-Month High

Matichon•Economy•2d ago

Reader Briefing

Thai gold prices rose by a net 550 baht on August 24 as global gold prices hit a three-month high exceeding 4,600 dollars per ounce.

•Gold prices in Thailand were adjusted 14 times on August 24, resulting in a net increase of 550 baht.
•Global gold prices (Gold Spot) reached 4,646 dollars per ounce, while the Thai baht was at 32.63 baht per dollar.
•The US Treasury increased its buyback limit for 10-30 year government bonds to at least 4 billion dollars per transaction.
•Ray Dalio warned that the US could face a crisis within 1-5 years if debt problems are not urgently resolved.

•On August 24, the Gold Traders Association announced 14 price adjustments, leaving gold bars at a selling price of 71,700 baht and gold ornaments at 72,500 baht.
•MTS GOLD reported that gold prices closed positive for the third consecutive week, reaching the highest level in over 3 months.
•Gold prices were supported by the US Treasury increasing the buyback limit of 10-30 year government bonds to at least 4 billion dollars per time, which pressured the US dollar to weaken.
•The SPDR gold fund purchased 8.28 tons of gold the previous day, bringing total holdings to 1,047.21 tons.
•Analysts from Bannockburn Global FX stated that gold prices returned above the 200-day average for the first time in 2 months.
•Ray Dalio, founder of Bridgewater Associates, suggested allocating approximately 10-15% of investment portfolios to gold due to US debt warning signs.
•Market participants are monitoring the Core PCE, second GDP reading for Q2, Durable Goods Orders on Wednesday, and the Jackson Hole statements on Friday.

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Gold Traders Association(สมาคมค้าทองคำ)

The organization that announces gold trading prices in Thailand.

MTS GOLD

A gold trading entity that reports gold price movements via Facebook.

US Treasury(กระทรวงการคลังสหรัฐฯ)ℹ️

The US government body that increased the buyback limit for 10-30 year government bonds.

A gold fund that holds 1,047.21 tons of gold as of the reported date.

Bannockburn Global FX

A firm whose analysts track gold prices relative to the 200-day average.

Commerzbankℹ️

A bank whose commodity analysts view US bond buybacks as a positive factor for gold.

Bridgewater Associatesℹ️

The organization founded by Ray Dalio.

Federal Reserve(ธนาคารกลางสหรัฐฯ)ℹ️

The US central bank scheduled for a meeting in September.

Ray Dalio(เรย์ ดาลิโอ)ℹ️

The founder of Bridgewater Associates who warns of a potential US debt crisis.