Friday, July 03, 2020

Gold price drops amid rising tensions between US and China

May 29. 2020
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By The Nation

The price of gold dropped by Bt50 per baht weight in morning trade on Friday (May 29), the Gold Traders Association reported.

As of 9.28am, 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.

At close on Thursday (May 28), buying price of a gold bar was Bt25,800 per baht weight and selling price Bt26,000, while gold ornaments were priced at Bt25,332.36 and Bt26,500, respectively.

The Gold Spot Index price on Friday morning moved to around US$1,721 (Bt54,797) per ounce after the price rose by $1.5 to $1,728.3 per ounce at close on Thursday.

Investors were buying gold as a safe haven asset due to tensions between US and China. Recently, President Donald Trump said US was preparing to announce a new policy towards China on Friday in reaction to Beijing's move to enforce a new national-security legislation in Hong Kong.

Gold price in Hong Kong dropped by HK$20 to $15,890 (Bt65,261) per tael.

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