Gold sheds Bt250 in value overnight
The price of gold fell by Bt250 per baht weight on Thursday morning (March 12), the Gold Traders Association reported at 9.28am.
A gold bar was Bt24,350 to buy and Bt24,450 to sell, while gold ornaments were Bt23,907.32 to buy and Bt24,950 to sell.
At Wednesday’s close, a gold bar was Bt24,600 to buy and Bt24,700 to sell, and gold ornaments Bt24,149.88 to buy and Bt25,200 to sell.
Gold contracts in COMEX futures to be delivered next month decreased by US$18 to $1,642.30 per ounce at Wednesday’s close after US President Donald Trump and Senate leaders from his own Republican Party failed to agree on economic stimulus measures to mitigate the impact of the Covid-19 outbreak.
Trump offered to cut the payroll tax to zero until the end of the year, but party stalwarts believe the move would leave the government unable to support citizens’ health insurance and social welfare.
The White House is meanwhile considering aid for the US oil industry, which has been affected by the decline in oil prices stemming from a conflict between Saudi Arabia and Russia.
