THURSDAY, March 28, 2024
nationthailand

Gold price drops amid worries over production due to Covid-19 pandemic

Gold price drops amid worries over production due to Covid-19 pandemic

The price of gold dropped by Bt50 per baht weight in morning trade on Monday (March 30), the Gold Traders Association reported.

As of 9.30, the buying price of a gold bar was Bt24,700 per baht weight and selling price Bt24,900, while buying price of gold ornaments was Bt24,256 per baht weight and selling price Bt25,400.
The prices decreased from Saturday’s close (March 28) when a gold bar cost Bt24,750 to buy and Bt24,950 to sell, while buying price of gold ornaments was Bt24,301.48 and selling price Bt25,450.
Gold prices on the Gold Spot Index on Monday morning moved to US$1,619 per ounce after the price dropped by $26.2 to $1,625 per ounce at Friday’s close due to investors selling gold to make profit.
Although the dollar weakened due to the US Federal Reserve’s effort to stimulate the economy, there is concern over the impact of gold production caused by the Covid-19 pandemic.
This week, gold price rose up to 9.5 per cent, the highest weekly increase since September 2008
Meanwhile, the price in the Hong Kong gold market dropped by HK$30 to $14,920 per tael.
A strategist at YLG Bullion and Futures advised investors to delay the purchase when the gold price drops to between $1,594 and $1,585 per ounce, while taking profit when the price rises between US$1,637 and $1,646 per ounce.
“We evaluate the support line at between 1,523 to 1,585 and resistance line at between 1,646 and 1,689,” the strategist said.
“We recommend following the US disclosure of sales contracts waiting to be closed for sale.”

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