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Friday, March 29, 2024

Gold, crypto prices surge despite virus

A gold shop in the Yaowarat area of Bangkok. Gold prices are surging as investors seek safe-haven assets.

The third coronavirus wave in Thailand is pushing investors towards safe assets like gold, with online gold transactions doubling between April 15-16 as the global price reached a seven-week high, according to Hua Seng Heng Group, one of the country’s large gold traders.

The spot gold price rose to US$1,769.41 (55,200 baht) on late Thursday (10.30pm) after the US bond yield sank to a four-week low as tensions between the US and Russia flared after Washington announced it was expelling 10 Russian ambassadors in retaliation over Russia’s interference in last year’s presidential election.

“Online trading picked up following positive price moves, reflecting that investors are active in monitoring gold…

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