Gold soars 300 baht amid rising Korean crisis

Gold rose 300 baht today (Aug 29) amid rising tension in the Korean Peninsular.

According to the Gold Traders Association of Thailand, gold jumped 300 baht higher in the morning session opening at 9am.

Buying price for gold bullion per baht weight was at 20,600 baht and selling at 20,700 baht.

For gold ornaments, buying price per baht weight was 20,223.44 baht, while selling price was 21,200 baht.

The prices were up 300 baht from Monday's close.

The soaring gold price came after North Korea fired a ballistic missile over Japan's northern Hokkaido island into the Pacific sea today's morning. The tensions were heating up not only international relation but also set the stock market on high alert, with four big movers including US stock drops 147 points, Japan's currency move higher, South Korea's currency drops and broadly decline in Asia stock.

Surprisingly, gold tends to rise during times of heightened anxiety. Many financial experts said that investor turn to more stable assets. Gold prices rose to their highest in almost 10 months.

Source: Thai Public Broadcasting Service (Thai PBS)