Local gold prices fluctuated wildly on Friday as news of the result of the UK referendum on leaving the European Union trickled in.
The Gold Traders Association announced the opening price on the physical gold trading market at 9.32am, up 250 baht from Thursday's close.
Gold prices kept changing with the peak at 10.49am - a buying price of 22,400 baht per baht-weight for bullion and 22,500 baht selling price, and buying price of 21,999.16 per baht-weight for gold ornaments and 23,000 selling price.
Prices kept fluctuating throughout the day, with a total of 31 adjustments announced. The buying/selling prices closed at 21,850 baht and 21,950 baht for gold bar and 21,451.40 baht and 22,450 baht for gold ornaments. The gold bar price was up 800 baht from Thursday's close.
Association president Jitti Tangsithphakdi expressed some worry that people might rush to sell gold on Saturday if the price remained high, because it was a weekend. Major financial institutions close on Saturday, so some gold shops may not have sufficient cash on hand if people wanted to sell large amounts, he said.
There were many people waiting to sell their gold at shops in Yaowarat area of Bangkok on Friday.
An investor in Chanthaburi was able to offload 20 baht-weight of gold bar she bought three years ago, before the price fell. She sold it at 22,250 baht per baht-weight, getting some profit.
A retail investor who declined to be named said several neighbours still could not recoup their investment as they paid around 25,000 baht per baht-weight of gold bar.
Piboonlit Viriyaphol, director of Gold Research Center, said the Brexit vote had a negative impact on the global economy, encouraging investors to invest in gold. However, the gold price had already increased prior to the referendum, so the price trend would still come up against the old resistant rate of US$1,360 per ounce. The price was $1,317 at 2.05pm.
He said the gold price would depend largely on the trend of the pound sterling and the coming key interest rate to be set by the US Federal Reserve.