Gold closed the week weaker! The price of gold fell by 200 baht today, but buying pressure from China helped support the market.

Gold prices today, July 10, 69, closed lower in the domestic market by 200 baht per baht of gold from the opening price this morning. The selling price of gold ornaments is 65,600.00 baht per baht of gold.

On July 10, 2569 according to the announcement of gold trade association The price of gold (96.5% purity) today opened at 9:01 AM and underwent 9 price adjustments throughout the day, with the latest price as of 4:20 PM.

The selling price of gold jewelry is 65,600.00 baht per baht of gold. The purchase price is 63,308.16 baht/baht of gold.

For gold bars, the selling price is 64,800.00 baht per baht weight and the buying price is 64,600.00 baht per baht weight. Meanwhile, the Gold Spot price is at 4,108.00 dollars per ounce.

This YLG's Evening Gold Analysis Reports indicate that gold prices remained stable above $4,100 per ounce today and are likely to close the week near that level, even as markets continue to closely monitor tensions in the Middle East and their impact on inflation and the monetary policy of the U.S. Federal Reserve (FED).

Reports indicate that the United States and Iran are continuing peace talks despite recent retaliatory attacks between the two sides. This follows attacks on ships in the Strait of Hormuz, impacting energy transportation and raising concerns about inflation prospects.

However, the gold market was also supported by buying demand from the People's Bank of China (PBOC), after the PBOC reported an increase of 480,000 ounces in gold holdings in June, the largest monthly increase in over two and a half years and the 20th consecutive month of gold accumulation. This brought the total gold reserves to 75.44 million ounces.

Bernard Xin, Director for Greater China at MKS PAMP, believes that the People's Bank of China's purchases of gold during price corrections have helped to support and stabilize gold prices.

Meanwhile, John Williams, president of the Federal Reserve Bank of New York, stated that the most important factor to watch for in the future outlook of U.S. inflation is the expansion of demand driven by investment in artificial intelligence (AI).

While the market continues to anticipate the Federal Reserve (FED) raising interest rates at least once this year, despite uncertainty surrounding monetary policy, gold prices remain supported by demand for safe-haven assets. However, the recovery may be limited by the prospect of persistently high interest rates, which increase the opportunity cost of holding gold as a non-interest-bearing asset.

Read all financial news - exchange rates - gold prices here.