Gold prices jump
Gold prices rose sharply – by Bt1,150 per baht weight – this morning (March 24), the Gold Traders Association reported.
As of 9.28am, the buying price of a gold bar was Bt24,350 per baht weight and the selling price Bt24,450, while gold ornaments were Bt23,907.32 to buy and Bt24,950 to sell.
Prices increased from Monday’s close, when a gold bar cost Bt23,200 to buy and Bt23,300 to sell, with gold ornaments being Bt22,785.48 and Bt23,800, respectively.
Comex futures gold contracts rose by US$83 to $1,567.60 (Bt51,484.70) per ounce at Monday’s close as the US Federal Reserve announced massive economic stimulus measures to deal with the Covid-19 situation, which has impacted the economy.
Measures included the use of an unlimited quantitative easing bond purchase programme to support the market and enhance efficiency in using monetary policy.
The Fed also announced it would buy certain corporate bonds for the first time and increase the credit line by $300 billion, allowing businesses to borrow at lower interest during this crisis.
