Gold Prices Surge! Skyrocketing 17,400 Baht in January, Reaching New High of 82,750 Baht

The Gold Traders Association revealed extreme volatility in gold prices during January 2024, with prices continuously rising from the beginning to the end of the month. On January 1st, Gold Spot prices in the global market were at 4,313 USD per ounce, with domestic gold prices at 64,550 baht per baht for gold bars and 65,350 baht for jewelry. Prices dramatically increased, reaching a historic peak on January 29th, with global market prices hitting an all-time high of 5,588 USD per ounce. This pushed domestic gold bar prices to 81,850 baht and jewelry prices to 82,750 baht before slightly declining on January 30th and 31st. By the month's end on January 31st, global gold prices closed at 4,950 USD per ounce, with domestic gold bars at 74,200 baht and jewelry at 75,000 baht. The price surge was driven by several factors, including geopolitical tensions, a weakening US dollar, policy uncertainties under President Donald Trump, ongoing conflicts involving the US and Iran, and unresolved issues with Finland and Venezuela. These factors maintained high demand for gold among global investors and banks. Importantly, Huang Seng Heng has raised its gold price target to 6,000 USD per ounce (approximately 88,000 baht) due to risks of another US government shutdown and the "Sell America" trend, which has pushed the dollar to its lowest level in nearly four years.