Gold price drops as dollar strengthens and US stock market rises
The price of gold dropped by Bt250 per baht weight in morning trade today (September 3), the Gold Traders Association reported.
As of 9.23am, the buying price of a gold bar was Bt28,750 per baht weight and selling price Bt28,850, while gold ornaments cost Bt28,227.92 and Bt29,350, respectively.
At close yesterday (September 2), the buying price of a gold bar was Bt29,000 per baht weight and selling price Bt29,100, while gold ornaments cost Bt28,470.48 and Bt29,600, respectively.
The Hong Kong gold price dropped by HK$220, opening at $18,180 (Bt73,464.45) per tael this morning, the Chinese Gold and Silver Exchange Society reported.
The Comex (Commodity Exchange) gold price to be delivered in December dropped by US$34.20, or 1.73 per cent, closing at $1,944.70 (Bt60,908.74) per ounce yesterday.
The gold price closed in negative territory due to a strengthening dollar and a rise in the US stock market, causing investors to turn to risk assets instead of safe-haven assets.
