Fed chief's remarks on US economy lift demand for gold
The price of gold was unchanged in morning trade on Wednesday (June 17), the Gold Traders Association reported.
As of 9.25am, buying price of a gold bar was Bt25,350 per baht weight and selling price Bt25,450, while gold ornaments were priced at Bt24,892.72 and Bt25,950, respectively.
The Gold Spot Index price on Wednesday morning moved to around US$1,724 (Bt53,704) per ounce after the price rose by $9.3 to $1736.5 per ounce at close on Tuesday (June 16).
Investors bought gold as a safe haven asset after the US Federal Reserve chairman Jerome Powell warned that the US economy was still facing uncertainty from the Covid-19 outbreak. However, tensions in Korean peninsula would pressure the gold price.
The price in the Hong Kong gold market dropped by HK$40 to $15,970 (Bt64,191) per tael this morning.
