Thai Gold Hits New Record Highs on Global Safe-Haven Surge
BANGKOK, Oct 14 (TNA) - The price of gold in Thailand hit successive all-time highs on Tuesday, tracking a global surge driven by strong safe-haven demand.
By midday, the domestic gold bullion price had reached an unprecedented 64,250 baht per baht-weight, with the global Gold Spot price climbing to a record $4,169 per ounce.
The rapid rally is fueled by heightened concerns over the U.S.-China trade war and persistent geopolitical risks.
Furthermore, market expectations of an impending Fed interest rate cut are also weakening the dollar and boosting gold’s appeal. Analysts are now projecting the domestic price could spike further to 75,000 baht, while the global price eyes $4,500.
Despite the extreme cost, trading remains robust in Thailand, primarily with investors buying gold bars.
The Gold Traders Association cautions that while no immediate downside factors exist, investors should be wary of a potential price correction after such a sharp run-up.
