Gold price unchanged at the close
The price of gold was unchanged, from the end of the morning session, at the close today (March 11), the Gold Traders Association reported.
At 3.54pm, buying price of a gold bar was Bt24,600 per baht weight and selling price Bt24,700, while buying price of gold ornaments was Bt24,149.88 per baht weight, selling price Bt25,200.
Gold contracts in COMEX futures to be delivered in April dropped by 1.35 per cent to US$1,653.1 per ounce at Tuesday’s close due to investors selling their safe haven assets and turning to risk assets amid hopes of economic stimulus measures, the strengthening dollar, and rising oil prices.
Investors responded to US President Donald Trump’s move to issue economic stimulus measures, including reducing payroll tax and other urgent measures to relieve impact from the Covid-19 outbreak.
Investors expect the US Federal Reserve to cut interest rate by up to 1 per cent at its the meeting on March 17-18 next week, despite the Fed having made an emergency interest rate cut by half a percentage point last week.
