Fed policies, weakening dollar push gold prices up
The price of gold rose by Bt50 per baht weight in morning trade on Monday (August 31), the Gold Traders Association reported.
As of 9.23am, the buying price of a gold bar was Bt28,800 per baht weight and selling price Bt28,900, while gold ornaments were priced at Bt28,288.56 and Bt29,400, respectively.
At close on Saturday, the buying price of a gold bar was Bt28,750 per baht weight and selling price Bt28,850 while gold ornaments were priced at Bt28,227.92 and Bt29,350, respectively.
Hong Kong gold price rose by HK$220, opening at $18,250 (Bt73,090.99) per tael this morning.
Spot gold price moved to US$1,970 (Bt61,173.39) per ounce on Monday morning after the price rose by $42.3 to $1,974.9 (Bt61,307) per ounce at Friday's close.
Gold price closed in positive territory after the US Federal Reserve announced changes to its approach to inflation to support the labour market and economic crisis, as well as maintain the interest rate at a low level.
Also, gold price gained positive sentiment from the weakening dollar as well.
