Rising US unemployment increases demand for gold
The price of gold dropped by Bt200 per baht weight in morning trade on Friday (May 8), the Gold Traders Association reported.
As of 9.25am, the buying price of a gold bar was Bt25,950 per baht weight and selling price Bt26,150, while gold ornaments cost Bt25,483.96 and Bt26,650, respectively.
At close on Thursday (May 7), the buying price of a gold bar was Bt25,750 per baht weight and selling price Bt25,950, while gold ornaments were priced at Bt25,286.88 and Bt26,450, respectively.
The Gold Spot Index price this morning moved to around US$1,718 per ounce after the price rose by $37.3 to $1,725.80 per ounce at close on Thursday.
Investors were buying gold as a safe haven asset after the US revealed a sharp rise in the number of registrants for unemployment welfare due to the Covid-19 outbreak.
Meanwhile, gold price in Hong Kong dropped by HK$210 to $15,840 per tael.
