THURSDAY, March 28, 2024
nationthailand

Selling spree pulls gold price down

Selling spree pulls gold price down

The price of gold dropped by Bt100 per baht weight in morning trade on Monday (August 10), the Gold Traders Association reported.

As of 9.24am, the buying price of a gold bar was Bt29,800 per baht weight and selling price Bt29,900, while gold ornaments cost Bt29,258.80 and Bt30,400, respectively.

At close on Saturday (August 8) the buying price of a gold bar was Bt29,900 per baht weight and selling price Bt30,000, while gold ornaments cost Bt29,364.92 and Bt30,500, respectively.

The Comex (Commodity Exchange) gold price to be delivered in December dropped by US$41.4, or 2 per cent, to $2,028 (Bt63,266.80) per ounce at Friday's close (August 7).

Gold price fell for the first time after rising for five consecutive days due to mass sell-offs in gold contracts after the dollar strengthened, causing the gold to become expensive for investors who hold other currencies.

Meanwhile, increasing US employment caused a decline in demand for gold as a safe-haven asset.

The Chinese Gold and Silver Exchange Society said that Hong Kong gold price dropped by HK$260, opening at $18,800 (Bt75,687.34) per tael on Monday morning.

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