Increasing US-China tensions push gold price up
The price of gold rose by Bt150 per baht weight in morning trade on Thursday (July 23), the Gold Traders Association reported.
As of 9.30am, the buying price of a gold bar was Bt27,750 per baht weight and selling price Bt27,850, while gold ornaments cost Bt27,257.68 and Bt28,350, respectively.
At close on Wednesday (July 22), the buying price of a gold bar was Bt27,600 per baht weight and selling price Bt27,700, while gold ornaments cost Bt27,106.08 and Bt28,200, respectively.
The COMEX (Commodity Exchange) gold price to be delivered in August rose by US$21.2, or 1.15 per cent, to US$1,865.1 (Bt58,986) per ounce at close on Wednesday, the highest since September 2011.
Uncertainty following tensions between the US and China and the weakening dollar have caused investors to buy gold as a safe-haven asset.
Chinese Gold and Silver Exchange Society said that Hong Kong gold price rose by HK$200, opening at $17,320 (US$2,234.40 or Bt70,748) per tael Thursday morning.
