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Gold rising on virus fears

Apr 01. 2020
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By The Nation

The price of gold rose by Bt250 per baht weight at close of trading on Wednesday (April 1), the Gold Traders Association reported.

At 2.51pm, the buying price of gold bar was Bt24,700 per baht weight and the selling price Bt24,900. The buying price of gold ornaments was Bt24,256 per baht weight and the selling price Bt25,400.

The price rose from morning trading, when gold bar cost Bt24,450 to buy and sold at Bt24,650, while the price of gold ornament was at Bt24,013.44 and Bt25,150.

As of 5pm, Gold contracts in COMEX to be delivered in April rose by $10.40 or 0.65 per cent, to $1,607.00 per ounce.

The prices came under pressure from the strengthening dollar, which raised the cost of gold contracts for investors who hold other currencies.

They were also hit by news that Russia’s central bank will suspend purchases for its gold reserves from April 1, offering no reasons for the decision.

However, the gold price is likely to rebound for the sixth straight quarter amid concerns over the spread of the Covid-19 disease.

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