Gold price slumps as US bond yield rises
The price of gold dropped by Bt50 per baht weight in morning trade on Monday (August 17), the Gold Traders Association reported.
As of 9.25am, the buying price of a gold bar was Bt28,450 per baht weight and selling price Bt28,550, while gold ornaments cost Bt27,939.88 and Bt29,050, respectively.
At close on Saturday (August 15), the buying price of a gold bar was Bt28,500 per baht weight and selling price Bt28,600, while gold ornaments cost Bt27,985.36 and Bt29,100, respectively.
The Comex (Commodity Exchange) gold price to be delivered in December dropped by US$20.6 or 1.05 per cent to $1,948.8 (Bt60,686.98) per ounce at Friday's close.
Gold price dropped for the first time in 10 weeks after rising for two consecutive days due to pressure from rising US bond yields.
The Chinese Gold and Silver Exchange Society said that the Hong Kong gold price dropped by HK$160, opening at $17,890 (Bt71,872.30) per tael on Monday morning.
