Gold down Bt200
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Local gold prices were cut Bt200 per baht weight on Friday, as the dollar strengthened before US jobs data that may add to signs the economy is improving.
Gold bar is now sold at Bt18,300 per baht weight while gold ornanment at Bt18,700.
Globally, gold is traded at Us$1,235 per ounce, when the baht was 31.16 per dollar.
The US non-farm payrolls report, scheduled tonight, is expected to show the economy created 165,000 jobs last month. This is believed to encourage the US Federal Reserve to scale down its US$85 billion monthly bond purchases.
Thailand's gold traders still believed that global gold prices may bounce back to $1,300-$1,400 an ounce. In a survey by Gold Research Centre, the six major gold traders cited that the scaling down of the US quantitative easing would be the biggest factor to influence gold prices. Others are the dollar/baht movement, funds' gold sale, economic slowdown in Asia and speculative transactions.
