Gold Prices Plummet Today (Jan 30, 2024): Drops by 5,300 Baht, Selling at 77,000 Baht

Gold prices continue to decline sharply today, dropping 5,300 baht compared to yesterday's closing price. The gold ornament price has moved to 77,000 baht per unit, based on the latest information from the Gold Traders Association. Domestic gold bars are currently trading at a purchase price of 76,100 baht and a selling price of 76,200 baht. Gold ornament prices show a purchase rate of 74,572.04 baht and a selling rate of 77,000 baht. Analysts from Huasen Heng note that global gold prices are dropping due to several factors: - Lower-than-expected US unemployment benefit claims - US Dollar Index remaining stable at 96.16 - US 10-year bond yield steady at 4.23% Additionally, US Treasury Secretary Scott Bessent emphasized that the US will not intervene in currency markets and is pursuing a strong dollar policy. International tensions are also impacting markets, with Iran introducing 1,000 domestically produced drones to its military branches and planning naval exercises in the Hormuz Strait. UBS analysts have adjusted their gold price forecasts, predicting prices will reach $6,200 in the first three quarters of 2024, potentially slowing to $5,900 by year-end. The SPDR gold fund has sold 3.43 tons, bringing its total to 1,086.53 tons.