Gold price flat despite mass buy-ups after price drops sharply
The price of gold was unchanged in morning trade today (August 13), the Gold Traders Association reported.
As of 9.33am, the buying price of a gold bar was Bt28,300 per baht weight and selling price Bt28,400, while gold ornaments cost Bt27,788.28 and Bt28,900, respectively.
At close yesterday, the gold price dropped by Bt850 per baht weight due to high volatility, causing the price to change as many as 42 times.
The Comex (Commodity Exchange) gold price to be delivered in December rose by US$2.7, or 0.14 per cent, to $1,949 (Bt60,491.17) per ounce at yesterday's close.
The gold price closed in positive territory as investors purchased the metal after a sharp price drop on Tuesday. Besides, gold contracts gained positive sentiment from the weakening dollar.
Association chairman Jitti Tangsitpakdee said yesterday that in the short term, the gold price could drop further as foreign funds begin to sell the metal for profit in response to news that Russia has developed and is exporting its Covid-19 vaccine.
“Although there were mass gold buy-ups in Asian markets, investors should closely monitor the situation caused by mutual funds selling gold,” he said.
