Gold prices fall by Bt100
The price of gold fell by Bt100 per baht weight at close today (March 10), the Gold Traders Association reported. At 4.44pm, the buying price of a gold bar was Bt24,600 per baht weight and selling price Bt24,700, while prices of gold ornaments were Bt24,149.88 and Bt25,200, respectively.
The gold price dropped from morning trade, when the buying rate of a gold bar was Bt24,700 and the selling rate Bt24,800; gold ornaments were priced at Bt24,256 and Bt25,300, respectively.
Meanwhile, Comex futures gold contracts to be delivered in April increased by US$3.30 to $1,675.70 (Bt52,692) per ounce at Monday’s close due to uncertainty amid the dire Covid-19 situation and declining oil prices at the time, which is affecting the global economy.
West Texas Intermediate crude oil contracts today fell almost $30 per barrel after the Organisation of 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 prices.
In addition, oil prices were under pressure amid health worries, affecting oil demand after the World Health Organisation said that the number of Covid-19 patients worldwide had increased to more than 100,000, with 4,027 people having died.
The number of Covid-19 patients in the United States was put at 708, with 27 deaths so far.
