Bangkok: Thai gold prices opened sharply lower this morning, falling 2,550 baht below 80,000 baht, due to profit-taking and pressure from a strengthening US dollar. Analysts warn of potential short-term speculation, citing high market risk.
According to Thai News Agency, domestic gold prices plummeted immediately after the Gold Traders Association announced its first price, falling by 2,550 baht from yesterday's closing price. This caused the price of gold bars, which had previously stood above 81,000 baht, to fall below 80,000 baht overnight. The main reason was the high volatility in the global gold market, driven by profit-taking after reaching new highs, coupled with the strengthening of the US dollar.
Analysts are warning investors to be cautious of short-term speculation, as the market is highly risky and a sharp price correction could occur at any time.