THERE were long queues at all gold shops in Yaowarat today (Mar. 9) with people waiting patiently to buy and sell gold ornaments and bars after the price climbed by 900 baht overnight, Naewna newspaper said.
Today’s buying price of gold bars is 31,900 baht per baht weight and selling price 32,000 baht while the buying price of gold ornament is 31,320.56 baht per baht weight and selling price 32,500 baht.
Jin Hua Heng gold shop posted photos of people queuing up to buy or sell gold at their shop with following message:
“Gold price has come a long way, those who stocked up raise your hand. Gold shops are bustling round the clock. We thank all customers who use our shop’s service and apologise for the inconvenience of having to wait for a long time.”
Meanwhile gold prices eased from near record highs in global markets today (Mar. 9) as the dollar held close to a 21-month peak and investors booked some profits, while palladium gained after the Ukraine crisis fuelled worries of a supply squeeze from top producer Russia, according to a Reuters report published by Nasdaq.com.
Spot gold was down 0.4% at $2,044.60 per ounce, as of 0712 GMT (2.12 p.m. in Thailand), after climbing in the previous session to $2,069.89, a whisker away from its record $2,072.49 scaled in August 2020. US gold futures rose 0.8% to $2,058.80.
“Any breach (of the record high) would be a clear technical signal that the current supportive environment is going to push this higher. I do expect very strong resistance around those levels,” said Michael McCarthy, chief strategist officer at Tiger Brokers, Australia.
The US dollar index steadied near a multi-month high, making greenback-priced bullion more expensive for buyers holding other currency.
Analysts have said gold, traditionally considered a safe store of value during such global crises, could make another run towards an all-time high if the Ukraine situation worsens, amid existing worries of inflationary risks.
Gold prices have run into the overbought territory and investors are looking for profit-taking opportunities this morning, said Margaret Yang, a strategist at DailyFX.
Palladium rose 1.5% to $3,226.46 per ounce, gaining as much as 38% since Russia invaded Ukraine on Feb. 24. Russia is a major producer of the auto-catalyst metal, used by automakers in catalytic converters to curb emissions.
“Palladium could move much higher because (out) of all the commodities, it has the highest percentage share coming out of Russia,” said Edward Meir, an analyst with ED&F Man Capital Markets.
Among other metals, spot silver was up 0.7% at $26.58 per ounce, after touching a near nine-month high on Tuesday. Platinum rose 1.5% to $1,170.76.
CAPTION:
Long queues of people waiting patiently outside Yaowarat gold shops after the local price climbed by 900 baht today. Photos: Naewna
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