Business
Small Increase in Thai Gold Prices, Currently at 37,900 Baht per Baht-Weight
Thai gold prices have seen an Increase in Thai Gold Prices, drawing the interest of potential buyers and investors. According to the latest report from the Gold Traders Association (GTA), the cost of gold ornaments has risen by 50 baht compared to previous prices, signaling a modest uptick in the market value of this precious metal.
As per the GTA’s website update at 9.09 am today, March 25, the selling price for gold ornaments has been set at 37,900 baht per baht-weight.
This standard unit of measurement in the Thai gold trade, equivalent to 15.244 grams, reflects the recent fluctuations in the dynamic gold trading landscape, closely monitored by enthusiasts and industry professionals alike.
In addition to gold ornaments, gold bars, renowned for their higher purity compared to ornaments, have also undergone price adjustments.
The buying price for gold bars stands at 37,300 baht per baht-weight, while the selling price slightly edges higher at 37,400 baht. These prices are applicable to gold bars with a purity level of 96.5%, commonly found in the Thai market.
For gold ornaments of the same 96.5% purity, the purchase price is noted at 36,626.56 baht, with the selling price set at 37,900 baht. These figures, specific to today, are part of the ongoing fluctuations in gold prices influenced by various factors, including global economic trends, currency values, and market demand.
In the global sphere, the Gold Spot price, representing the current buying or selling price of gold at a specific time and place, was noted at 2,176.50 US dollars per ounce. This figure serves as a crucial benchmark for international markets, especially for participants engaged in the global trade of this precious metal.
The Gold Traders Association (GTA) regularly announces the buying and selling prices for both gold bars and ornaments in the Thai gold market.
These announcements play a vital role in maintaining transparency and aiding traders,
As well as the general public, in making well-informed decisions regarding their gold-related transactions.
To provide clarity, the initial price announcement for gold in Thailand today, March 25, is as follows:
Gold bars:
- Buying price: 37,300 baht per baht-weight
- Selling price: 37,400 baht per baht-weight
Gold ornaments:
- Buying price: 36,626.56 baht per baht-weight
- Selling price: 37,900 baht per baht-weight
It’s anticipated that these figures will fluctuate based on both local and international market conditions.
Stakeholders in the gold market will be closely observing any subsequent changes. The slight rise in gold prices today hints at a potential trend of increasing value, presenting an opportune moment for investors to explore their options in the gold market, as reported by KhaoSod.
Business
Rayong fishing groups sue Star Petroleum over oil spill devastation
A group of 14 individuals hailing from Rayong, 2qmate release of 50,000 liters of crude oil into the Gulf of Thailand, besmirching the shores of Rayong.
The province’s Fisheries Office reports a toll of at least 2,600 fishermen affected by this calamity. Beyond the depletion of fish stocks in the area, the contamination rendered the remaining catch unsalvageable.
Subsequent to the disaster, local fishermen have found it unfeasible to sustain themselves. Their customary fishing yields from the Rayong coastline have notably dwindled. Many have resorted to extending their maritime excursions or ceasing fishing operations entirely.
“14 Rayong residents sue SPRC over 2022 oil spill, seeking compensation for livelihood losses.”
Lamom Boonyong, president of the Pak Nam Ban Rao fishing community, elucidated that the lawsuit extends beyond the culpability of the oil spill’s perpetrator. Five additional entities stand accused of contravening environmental safeguarding statutes.
Representing diverse factions comprising over 800 members collectively, the plaintiffs aim to establish a precedent with their litigation.
Should the verdict favor their cause, it could pave the way for compensation claims by remaining members, potentially entailing a financial burden of approximately 240 million baht for the implicated company, as per Bangkok Post.
Furthermore, these groups implore governmental intervention to facilitate the restoration of the local marine ecosystem. The Civil Court is slated to review the lawsuit on May 17th.
Business
Pattaya Port Authority prepares 700 speedboats for Songkran
As the Songkran Festival looms closer, Pattaya Port Authority prepares for an influx of travellers with an initiative to ensure safety and convenience. From April 11 to 17, they are set to facilitate seamless water travel between Koh Larn and Pattaya.
To cater to the needs of both locals and tourists, the authority has orchestrated a fleet comprising 60 passenger boats and 700 speedboats. Their ambitious setup aims to handle at least 20,000 travellers daily, totalling a staggering 140,000 to 150,000 over the seven-day festival.
Ekkrach Kantharo, Director of the Regional Marine Office, Pattaya Branch, highlighted the meticulous preparations.
“With Thailand offering visa-free entry for Chinese tourists this year, there’s been a noticeable surge in visitors to Pattaya, especially those flocking to the pristine shores of Koh Larn for relaxation.”
Passenger boats, each capable of accommodating 150 travellers, will shuttle between Pattaya and Koh Larn hourly, with three to four boats scheduled based on demand. Meanwhile, speedboats will offer flexibility for private trips.
The allure of Koh Larn’s scenic beaches and crystal-clear waters has made it a top pick among tourists, driving up the demand for water travel services. Daily port activity in Pattaya has skyrocketed to over 15,000 passengers, with foreigners making up 70%, including Chinese, Russians, and Indians, while Thai nationals account for the remaining 30%.
During the Songkran festival period, the Pattaya Port Authority will set up a dedicated water convenience and public relations centre at the port. Collaborating with Pattaya City, marine police, tourist police, and rescue workers, they aim to prioritise safety.
Strict regulations will be enforced, with boat operators required to conduct thorough checks on vessel conditions and safety equipment, including life jackets and lifebuoys, reported Pattaya Mail.
Regular inspections for drugs will also be carried out to maintain a secure environment for all travellers amid the festive celebrations.
In related news, the Tourism Authority of Thailand (TAT) is anticipating a robust tourism influx from North and South America this year, with a projection of at least 1.5 million tourists – a figure that mirrors the 2019 statistics. This surge is attributed to the confluence of the Songkran celebrations and the Easter holiday in April.
Business
Chiang Mai tourism expects rebound despite hotel booking slump
Chiang Mai, once bustling with tourists, is currently facing a downturn in hotel bookings as of Wednesday.
According to La-iad Bungsrithong, advisor to the Northern Thai Hotels Association, reservations are only at 30% capacity compared to the same period last April.
Despite this gloomy scenario, there is a glimmer of hope on the horizon. La-iad anticipates that occupancy rates will rebound to 70% during the upcoming Songkran Festival.
Scheduled from April 13 to 15 in Chiang Mai, the festival is expected to draw a large number of tourists. Some areas have even designated April 1 as the kickoff for water play festivities.
In related news, Chiang Mai tourism remains optimistic about a recovery despite the current slump in hotel bookings.
Traditionally favored as a cool winter retreat, Chiang Mai has faced additional challenges, notably air pollution. La-iad expressed optimism about a potential increase in tourist numbers by April, provided that the PM2.5 issues are effectively addressed.
“Chiang Mai is currently grappling with alarming levels of air pollution.”
However, this problem extends beyond Chiang Mai, affecting the entire northern region of Thailand. The air pollution crisis significantly impacted the tourism industry in March, causing hotel occupancy rates to drop to 50% from the expected 60%, according to La-iad.
She emphasized the necessity for a comprehensive plan from the Thai government to tackle air pollution. While this might not directly affect local businesses, the contaminated air, high in PM2.5, poses significant health risks.
“The PM2.5 issue requires a nationwide approach that entails concrete and comprehensive plans from the government.”
Additionally, La-iad proposed that Chiang Mai could benefit economically and in terms of tourism with the establishment of an entertainment complex. This could potentially replace the unregulated underground gambling dens. However, she stressed the importance of stringent legal measures and regulations to mitigate any potential societal issues stemming from the casinos.
“However, stringent legal measures and regulations must be carefully implemented to prevent any societal problems arising from the casinos.”
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