Stronger dollar, mass gold sell-offs pressure precious metal
The price of gold dropped sharply by Bt150 per baht weight in morning trade on Thursday (June 25), the Gold Traders Association reported.
As of 9.27am, buying price of a gold bar was Bt25,650 per baht weight and selling price Bt25,750, while gold ornaments were priced at Bt25,180.76 and Bt26,250, respectively.
At close on Wednesday (June 24), buying price of a gold bar was Bt25,800 per baht weight and selling price Bt25,900, while gold ornaments were priced at Bt25,332.36 and Bt26,400, respectively.
The Gold Spot Index price on Thursday morning moved to around US$1,761 (Bt54,447) per ounce after the price dropped by $6.9 to $1,775.1 per ounce at close on Wednesday.
Gold was pressured by the stronger dollar and mass sell-offs after the price skyrocketed. However, some investors are still buying gold as a safe haven asset after the US stock index fell sharply.
