Gold rises B150 to B18,650

Gold prices rose by 150 baht per baht weight at its opening on Monday.

The Gold Traders Association announced the buying price at 18,550 baht and the selling price at 18,650 baht per baht-weight for gold bars.

The buying price for gold ornaments was 18,282.96 while their selling price was 19,050 baht per baht-weight.

In world markets, Bloomberg predicted commodities including iron ore, oil and copper are set to extend gains on Monday as China’s interest-rate reduction spurs demand from the construction to energy industries.

China’s second cut to benchmark rates in three months will fuel gains as investors anticipate that cheaper credit will stimulate demand, Eugen Weinberg, head of commodity research at Commerzbank AG, said on Sunday. A Chinese factory gauge reported on Sunday signalled contraction in February.

“The market was looking for some time for more easing in China on a back of economy weakness,” Mr Weinberg said. “In a short term, the hopes for more monetary easing and additional stimulus are likely to support the prices.”