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Gold drops as dollar strengthens

Apr 17. 2020
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By The Nation

The price of gold dropped by Bt100 per baht weight in morning trade on Friday (April 17), the Gold Traders Association reported.

Buying price of a gold bar was Bt25,900 per baht weight and selling price Bt26,100, while buying price of gold ornaments was Bt25,438.48 per baht weight and selling price Bt26,600.

At close on Thursday (April 16), buying price of a gold bar was Bt26,000 per baht weight and selling price Bt26,200 while gold ornaments were Bt25,529.44 and Bt26,700 respectively.

Gold prices on the Gold Spot Index on Friday morning moved around US$1,709 (Bt55,578) per ounce after the price decreased by $8.5, closing at $1,731.7 per ounce for two consecutive days.

The price of gold came under pressure due to the strengthening of the dollar that rose over the 100 level as investors bought dollars as a safe currency and has the most liquidity after the US revealed that the number of unemployed applicants had risen more than 5 million people.

Meanwhile, the price in the Hong Kong gold market dropped by HK$50 to $15,870 (Bt66,581) per tael.

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