Gold gains as Fed warns of 'unprecedented risks' to US economy
The price of gold rose by Bt100 per baht weight in morning trade on Thursday (May 14), the Gold Traders Association reported.
As of 9.25am, the buying price of a gold bar was Bt25,800 per baht weight and selling price Bt26,000, while gold ornaments were Bt25,332.36 and Bt26,500, respectively.
At close on Wednesday (May 13), the buying price of a gold bar was Bt25,700 per baht weight and selling price Bt25,900, while gold ornaments were priced at Bt25,241.40 and Bt26,400, respectively.
The Gold Spot Index price on Thursday morning moved to around US$1,714 (Bt55,042) per ounce after the price rose by $9.6 to $1,716.4 per ounce at close on Wednesday.
Investors were buying gold as safe haven assets after US Federal Reserve chairman Jerome Powell warned that the US economy would face unprecedented risks from the Covid-19 outbreak.
Meanwhile, the Hong Kong gold price rose by HK$90 to $15,870 (Bt65,760) per tael.
