Gold price falls, but worries mount about oil war

Buying price of a gold bar was Bt24,700 per baht weight and selling price Bt24,800. Buying price of gold ornaments was Bt24,256 per baht weight and selling price Bt25,300. 
The prices dropped from Monday’s close when buying price of gold bar was Bt24,800 and selling price Bt24,900. Gold ornaments were Bt24,346.96 to buy and Bt25,400 to sell.
Meanwhile, gold contracts in COMEX futures to be delivered in April increased by US$3.30 to $1,675.70 per ounce on Monday’s close due to uncertainty following the Covid-19 outbreak and declining oil prices which affect the global economy.
Crude oil contracts in West Texas Intermediate on Tuesday fell almost $30 per barrel after the Organisation of the Petroleum Exporting Countries and its partners led by Russia were unable to reach an agreement to cut oil production at a meeting in Vienna last Friday, resulting in Saudi Arabia initiating an oil price war by unilaterally cutting oil price.
In addition, oil prices were pressured from uncertainty following the Covid-19 outbreak, affecting oil demand after the World Health Organisation (WHO) revealed that the number of Covid-19 patients worldwide had increased to over 100,000 and 4,027 people has died.
The number of Covid-19 patients in the US is 708 and 27 have died.