Big hike! Gold prices rise by 200 baht this morning

THE first round of gold prices announced at 9.35 a.m. this morning (16.4.2020) saw a big jump of 200 baht in the local market, reported while also asking its readers whether they had got their profit yet.

Buying price of one baht weight ornament gold was fixed at 25,529.00 baht while selling price 26,700.00.

At the same time buying price of an equal weight of gold bars was set at 26,000.00 baht while selling price 26,200.00.

A chart posted at Thongkamrakha website shows that the price of one baht weight gold bars dropped by a 100 baht yesterday, closing at 25,950 baht, while having risen 450 last week, finishing at 25,150 baht, and in March soaring by 1,200 baht, ending at 22,750 baht.

Meanwhile CNBC reported that gold prices inched higher on today as fears of a deep global recession due to the novel coronavirus outbreak were heightened by bleak US economic data, while a  stronger dollar limited the metal’s gains.

Spot gold gained 0.1% to $1,717.20 per ounce by 0036 GMT. US gold futures were up 0.3% at $1,745.70.

A flight to safety bid pushed the dollar higher against its peers after dire retail and factory data showed the severity of the collapse in US economic activity caused by the coronavirus pandemic.

Asian stocks look set to tumble, as fears that the world is in its worst recession since the 1930s were heightened by data showing US retailers suffered a record sales collapse in March due to the outbreak.

US retail sales suffered a record drop in March and output at factories declined by the most since 1946, buttressing analysts’ views that the economy contracted in the first quarter at its sharpest pace in decades as measures to control the virus shut down the country.

Japanese business confidence plunged to fresh decade lows in April as firms reported widespread damage from the pandemic which is threatening to throw the world economy into recession, the Reuters Tankan survey showed.

The outbreak is probably peaking in Britain, but it is too early to start relaxing restrictions, officials said as critics warned that the country may end up with the worst death rate in Europe due to government failings.

British retail spending slumped by more than a quarter during the first two weeks of lockdown measures to slow the spread of the virus, the British Retail Consortium said, in the clearest sign so far of Covid-19′s economic hit.

Holdings of the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, rose 0.4% to 1,021.69 tonnes on Wednesday.

Palladium gained 0.3% to $2,185.93 an ounce, while silver slipped 0.6% to $15.38 and platinum fell 1.1% to $770.80.


Mycenaean gold ornaments displayed at Minoan and Mycenaean Gallery, British Museum, London, England, UK. Complete indexed photo collection at Photo: Gary Todd

TNR staff
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