Thursday, August 13, 2020

Mass sell-offs to take profit pushes gold price down

Jul 02. 2020
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By The Nation

The price of gold dropped by Bt150 per baht weight in morning trade on Thursday (July 2), the Gold Traders Association reported.

As of 9.24am, buying price of a gold bar was Bt25,900 per baht weight and selling price Bt26,000, while gold ornaments were priced at Bt25,438.48 and Bt26,500, respectively.

At close on Wednesday (July 1), buying price of a gold bar was Bt26,050 per baht weight and selling price Bt26,150, while gold ornaments were priced at Bt25,574.92 and Bt26,650, respectively.

The price in Gold Spot on Thursday morning moved to around US$1,770 (Bt54,951) per ounce after the price dropped sharply by $20.6 to $1,779.9 per ounce at Wednesday’s close due to mass sell-offs to take profit after the price rose over $1,800 per ounce on Tuesday.

Meanwhile, the strong US economy also pressured the gold price.

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