Gold drops to 34-month low
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Local gold prices have been adjusted 15 times as of 5pm today, as the global price fell to the 34-month low.
According to Gold Traders Association's website, local gold prices at the open were cut by Bt450 per baht weight. During the day upto 5pm, the prices were cut by Bt400 net.
Gold bar is now sold at Bt17,850 while ornament at Bt18,250.
The gold bar price falls below Bt18,000 per baht weight for the first time since April 2010.
Local gold price averaged Bt17,493.18 in April, 2010, when global prices averaged $1,145.72 per ounce and when the baht was at 32.29 per US dollar.
In global trade, gold extends the decline to the 34-month low amid speculation the US Federal Reserve will reduce stimulus as economic data beat estimates.
Spot bullion slid as much as 1.7 per cent to US$1,180.50 an ounce, the lowest since August 2010, and traded at $1,192.80 at 9:54am in Singapore.
