By Amarin TV and Thai Newsroom
THERE WAS a big rush to Yaowaraj gold shops today (Mar. 21) after the domestic selling price of 96.5% one-baht weight gold bars soared by 800 baht reaching 37,650 baht while the buying price hit 37,550 baht with this being an all time high, Amarin TV said this evening (Mar. 21).
At its seventh announcement of the day at 4 p.m. the Gold Traders Association set the selling price of an equal weight of 96.5% gold ornaments at 38,150 baht. and the buying price 36,869.12 baht.
This TV channel’s reporters went to the Chinatown area this evening to capture the atmosphere and saw that people were still continuously flocking in to buy and sell gold, both Thai and foreigners.
A customer at one gold shop told the reporters that he came to buy gold today to keep and make a profit later.
He added that a lot of people are coming to gold shops these days and among them are both those who want to sell their holdings and others who, like himself, want to buy and keep the precious metal.
A lottery vendor said he sold some gold today and made around 600 to 700 baht profit with those who are buying gold doing so because they expect the price to climb to 40,000 baht a baht weight.
The gold market is holding on to its record gains as the US labour market continues to stabilise, a Kitco news report said this evening.
Thursday, the US Labour Department said that weekly jobless claims dropped by 2,000 to 210,000 during the week ending March 16, down from the previous week’s revised estimate of 212,000 claims.
The drop was relatively in line with economist expectations.
The gold market is not seeing much reaction to the latest employment data, as the market continues to digest Wednesday’s Federal Reserve monetary policy decision. While down slightly from its overnight highs, gold is seeing robust bullish momentum. Spot gold last traded at $2,206.55 an ounce, up nearly 1% on the day.
Overnight, the precious metal rallied to a new all-time high above $2,220 an ounce as markets look for the US central bank to ease interest rates in June. Although the Fed kept rates unchanged Wednesday, it continued to signal the potential for three rate cuts this year.
CAPTION:
Above: A gold shop in Yaowaraj area this morning. Photo: Amarin TV
Front Page: File photo of a Yaowaraj gold shop. Credit: INN News
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