Gold prices rise
The price of gold rose by Bt50 per baht weight at the close of trade today (March 31), the Gold Traders Association reported.
As of 1.51pm, the buying price of a gold bar was Bt24,750 per baht weight and the selling price Bt24,950, while gold ornaments cost Bt24,301.48 and Bt25,450, respectively.
The price increased from morning trade, when a gold bar cost Bt24,700 to buy and Bt24,900 to sell, while gold ornaments cost Bt24,256 and Bt25,400, respectively.
As of 5pm, Comex gold contracts to be delivered in April dropped by $18.20, or 1.12 per cent, to $1,603.80 (Bt52,295) per ounce due to investors selling the metal to make profit and the US dollar’s recovery after weakening for four consecutive business days as the euro and the pound depreciated over the Covid-19 pandemic in Europe.
The decline in gold prices is limited as central banks worldwide moved to loosen monetary policy, such as cutting interest rates, injecting money, and using quantitative easing to deal with the economic impact from Covid-19, which would be positive sentiment for gold prices.
