Thai Gold Surges 1,900 Following Weak US Economic Data

Matichon•Economy•8d ago

Reader Briefing

Thai gold prices rose significantly on August 6 following a drop in US economic indicators and geopolitical tensions.

•The Gold Traders Association reported gold prices rose 1,900 baht at market open and 1,600 baht overall compared to the previous close on August 6.
•Gold Spot reached 4,273 US dollars per ounce while the Thai baht was at 33.08 baht.
•US PMI for services and ADP Non-Farm employment figures were lower than analyst expectations.
•China's Ministry of Commerce implemented countermeasures on drone and technology exports following US import bans on certain robots and electrical inverters.

•On August 6, the Gold Traders Association announced gold prices opening at 09.03.
•Gold bar buying price was 66,650 baht and selling price was 66,850 baht, while gold ornaments were 65,324.44 baht for buying and 67,650 baht for selling.
•Hua Seng Heng stated Gold Spot rose because the US Dollar Index (DXY) failed to break the psychological resistance level of 100.
•President Trump mentioned that the US is close to reaching an agreement with Iran regarding the opening of the Strait of Hormuz and maritime security guarantees.
•The potential agreement with Iran may lead to lower crude oil prices, inflation, and Fed interest rates, which would positively impact gold.
•The Ministry of Commerce of China tightened exports of drones and related technology in response to US bans on certain robots and electrical inverters.
•The SPDR fund purchased 4.85 tons of gold.
•The US is scheduled to reveal weekly unemployment claims on August 6 at 19.30.

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Gold Traders Association(สมาคมค้าทองคำ)

The organization that announced gold buying and selling prices on August 6.

Hua Seng Heng(ร้านทองฮั่วเซ่งเฮง)

A gold shop that provided analysis on the rise of global gold prices and the US Dollar Index.

Fed(เฟด)

The entity whose future interest rates may be affected by US-Iran agreements.

Ministry of Commerce of China(กระทรวงพาณิชย์จีน)ℹ️

The government body that implemented export restrictions on drones and technology as a response to US actions.

SPDR Fund(กองทุน SPDR)

The fund that purchased 4.85 tons of gold.

United States(สหรัฐฯ)ℹ️

The country whose economic data and import bans influenced gold prices and trade tensions.

Iran(อิหร่าน)ℹ️

The country engaged in discussions with the United States regarding the Strait of Hormuz.

Strait of Hormuz(ช่องแคบฮอร์มุซ)ℹ️

The waterway involved in security and opening negotiations between the US and Iran.

Trump(ทรัมป์)ℹ️

The President who discussed reaching an agreement with Iran regarding the Strait of Hormuz.