Record Surge in Thailand’s Retail Gold Price Continues

The retail price of 96.5% gold ornaments in Thailand saw a robust surge on Friday, climbing by THB 550 and setting a continuous record high of THB 39,000 per gold baht.

As reported by the Gold Traders Association, the domestic gold bar buying rate stood at THB 38,400 per gold baht, with a selling rate of THB 38,500 per gold baht. For gold ornaments, the buying rate was THB 37,702.92 per gold baht, with a selling rate of THB 39,000 per gold baht.

“Gold is making yet another all-time high of $2,234,” according to an analysis provided by Hua Seng Heng Gold Futures Co., Ltd. They noted that technical factors are supporting gold prices, despite some better-than-expected US economic data such as Q4 GDP and weekly jobless claims figures. Gold’s performance in March outperformed other assets, growing stronger by over 9% and having the best month in over three years, while the SPDR Fund’s gold holdings remained the same.

The gold price managed to break above $2,200, with strengthening momentum and showing increasingly positive technical indicators. While the MACD crossed above the signal line, gold may move within a narrow range due to the closure of US financial markets for the Good Friday holiday. The firm recommended investors monitor the US Personal Consumption Expenditures (PCE) index coming tonight, in which the market projects an increase of 0.3% in comparison to last month’s 0.4% increase and a year-on-year increase of 2.4%.

As for investment strategy, gold prices trend upward but are expected to trade within a narrow range. The gold price target for this year is set between $2,250 and $2,300. The firm recommended making the purchases around $2,210-$2,215 with a stop-loss point set at $2,200 and “Let Profits Run.”

Spot gold prices soared to the new all-time high, pushing domestic gold bar prices to a new all-time high as well. The weakening Thai baht supports the price of gold bars. The firm recommended investors follow capital inflow and outflow data from the Bank of Thailand, which could impact the Thai currency. For those holding gold, it’s for a “Let Profits Run” strategy.