Sell-offs pull gold price down
The price of gold dropped by Bt50 per baht weight in morning trade on Wednesday, the Gold Traders Association reported.
As of 9.28am, the buying price of a gold bar was Bt28,550 per baht weight and selling price Bt 28,650, while gold ornaments cost Bt28,030.84 and Bt29,150, respectively.
At close on Tuesday (August 25), the buying price of a gold bar was Bt28,600 per baht weight and selling price Bt28,700 while gold ornaments cost Bt28,091.48 and Bt29,200, respectively.
Spot gold price moved to US$1,928 (Bt60,449.38) per ounce on Wednesday morning after the price had dropped by $16.1 to $1,923.1 (Bt60,295.75) per ounce at close on Tuesday.
Gold price dropped for two consecutive days from mass sell-offs of the metal after there were signs of progress in US-China trade talks, while US new home sales hit their highest level in almost 13 years.
Meanwhile, Hong Kong gold price rose by HK$10, opening at $17,820 (Bt72,070.14) per tael this morning.
