Bangkok, 22 Oct. – Today’s domestic gold price has hit a new high, setting another record high. The price of gold ornaments is close to 40,000 baht/baht of gold.

The Gold Traders Association reported that today’s (October 22) gold price changed 11 times. The final closing price was 100 baht higher than yesterday. Gold bars were sold at 43,350 baht per baht of gold, while gold ornaments were sold at 43,850 baht per baht of gold. However, the highest price during the day was a record high in Thailand. Gold bars were sold at 43,400 baht per baht of gold, while gold ornaments were sold at 43,900 baht per baht of gold, calculated from the spot gold price of 2,737.50 US dollars/ounce, or 33.52 baht/dollar.

For the price of gold on the world market, some of yesterday’s prices continued to rise, making an all-time high at $2,740/ounce. Daniel Pavilonis, chief market strategist at RJO Futures, said that the uncertainty of the US presidential election results, as well as the tense geopolitical situation in the Middle
East, especially the possibility of Israel attacking Iran in revenge, are still factors supporting the buying of gold as a safe asset.

Analysts at UBS expect tensions in the Middle East and expectations that the US Federal Reserve will continue to cut interest rates to support gold prices to reach $2,900 per ounce in the next 12 months. -511-Thai News Agency

Source: Thai News Agencyl