THE Gold Traders Association on Thursday reported an increase in gold prices in Thailand.
Gold ornaments were trading at 32,650 baht per baht within the past 24 hours which signifies an increase of 50 baht compared to the closing price yesterday.
As of today, local gold bars have a purchase price of 32,050 baht per baht and a selling price of 32,150 baht.
Global gold spot price stands at US$1,954.50 per ounce.
The said details were announced by the Gold Traders Association as of 9:25 am today, local time.
Experts believe the instability in the banking sector, geopolitical tensions, and a challenging economic environment pushed people to turn to the precious metal as a safe-haven asset.
The World Gold Council earlier this month said that fears of a recession and the need for a safe haven amid the recent banking crisis in the United States are seen as factors that boosted the demand for the precious metal.
