Friday, July 03, 2020

Weakening baht boosts gold price to eight-year high

Apr 24. 2020
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By The Nation

The weakening baht pushed gold price up by Bt50 per baht weight in morning trade on Friday (April 24), as the precious metal hit a new high in eight years, the Gold Traders Association reported.

As of 9.23am, buying price of a gold bar was Bt26,150 per baht weight and selling price Bt26,350, while buying price of gold ornaments was Bt25,681.04 per baht weight and selling price Bt26,850.

At close on Thursday (April 23), buying price of a gold bar was Bt26,100 per baht weight and selling price Bt26,300, while gold ornaments were priced at Bt25,635.56 and Bt26,800 per baht weight, respectively.

The Gold Spot Index price on Friday morning moved to around US$1,723 (Bt55,868) per ounce after the price rose by $7.1 to $1,745.4 per ounce at close on Thursday.

Investors were buying gold as a safe haven asset after the US revealed decline in economic data due to the Covid-19 impact -- the number of applicants for unemployment welfare rose by 4.4 million people, new home sales in March dropped by 15.4 per cent, and Purchasing Managers Index in manufacturing and services in April dropped to a historic low at 27.4.

Meanwhile, the price in the Hong Kong gold market dropped by HK$10 to $15,930 (Bt66,640) per tael.

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