Gold Trade Association Increases Gold Bar Price Margin to 200 Baht

The Gold Trade Association has resolved to increase the buy-sell price margin for gold bars from 100 to 200 baht, effective February 2, 2024, following extreme volatility in gold prices both domestically and internationally. Jitti Tangsithipakdee, President of the Gold Trade Association, revealed that members met urgently because gold prices were rapidly fluctuating in the global market, directly impacting gold transaction businesses nationwide. Particularly on January 30, 2024, gold prices in the country changed 75 times in a single day, marking the highest record in Thai gold market history, causing many gold shops to be unable to update price boards in time and facing significant potential losses. Jitti explained that based on actual cost calculations, the price margin should be around 400 baht, but the association felt this would burden consumers excessively, thus agreeing on 200 baht as a balanced point. This price margin adjustment is a temporary measure to manage gold traders' risks during a period of severe global gold price volatility driven by economic, financial, and speculative factors.