Conditions align for gold price spike

Domestic gold prices are on course to surpass the previous record high of 54,800 baht per baht-weight set on April 22, as global prices could hit US$3,600 per tonne later this year after bullion set a new record high on uncertainties surrounding Trump tariffs and US interest rate cuts.

- NAREERAT WIRIYAPONG

Bullion for immediate delivery hit a fresh record of $3,546.96 an ounce, climbing 0.4%. Prices have advanced 5% over the past six sessions as traders sought safety following a selloff in equity and bond markets.

Gold has rallied by more than 35% year-to-date, making it one of the best-performing major commodities. The latest run was propelled by expectations the US central bank will lower rates this month, after Fed chair Jerome Powell cautiously opened the door to a reduction.

The local gold price jumped by 800 baht per baht-weight in early morning trade to 54,100 baht.