Gold slides at open as global market volatility intensifies
Gold prices opened sharply lower as a wave of selling extended recent volatility in market, following a weekend decline and continued pressure from global factors.
- At the market open, domestic gold prices in Thailand plunged by THB 1,750, following a sharp drop on the previous trading day.
- The US gold Comex market experienced its steepest single-day fall in 43 years, dropping by US$609.70 per ounce.
- The price tumble is attributed to significant profit-taking after gold reached consecutive record highs, as well as pressure from a strengthening US dollar.
- Market volatility was heightened by the US President's appointment of a new, hawkish Federal Reserve chair.
The Gold Traders Association announced its first update (market open), with prices plunging by THB1,750 to THB72,550, compared with Saturday’s single announcement, which fell sharply by THB1,200 to around THB74,200, on Monday (February 2) at 9.24am.
Last week, prices rose by a total of THB1,100, hitting a record high of around THB81,950.
Check gold prices
Domestic gold prices (96.5%), Monday (1st announcement)
Gold ornaments: Selling price THB73,350 per baht-weight
Tax base THB72,616.40 per baht-weight
Gold bar: Selling price THB72,550 per baht-weight
Buying price THB72,450 per baht-weight
Domestic gold prices (96.5%), January 31 (single announcement)
Gold ornaments: Selling price THB75,300 per baht-weight
Tax base THB72,616.40 per baht-weight
Gold bar: Selling price THB74,500 per baht-weight
Buying price THB74,400 per baht-weight
Global gold price
Spot gold: This morning, prices continued to plunge from the weekend to around US$4,713 per ounce.
US gold Comex: Trading closed last Friday night with a sharp drop of US$609.70 to around US$4,745.10 per ounce, marking the steepest single-day fall on record in 43 years, driven by profit-taking after gold had surged to consecutive record highs for an extended period, alongside pressure from a stronger US dollar.
This followed US President Donald Trump’s announcement appointing Kevin Warsh, a former Federal Reserve governor known as a hawkish figure who has often criticised the Fed, as the new Fed chair.
Hong Kong gold market: Prices opened this morning with a sharp one-off drop of HK$3,000 to around HK$44,400.
