Thursday, October 29, 2020

Gold price drops from strengthening dollar, Covid-19 vaccine progress

Sep 24. 2020
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By The Nation

The price of gold dropped by Bt250 per baht weight in morning trade today (September 24), the Gold Traders Association reported.

As of 9.25am, the buying price of a gold bar was Bt27,800 per baht weight and selling price Bt27,900, while gold ornaments cost Bt27,303.16 and Bt28,400, respectively.

At close yesterday, the buying price of a gold bar was Bt28,050 per baht weight and selling price Bt28,150, while gold ornaments cost Bt27,545.72 and Bt28,650, respectively.

The Comex (Commodity Exchange) gold price to be delivered in December dropped by US$39.20, or 2.05 per cent, closing at $1,868.40 (Bt59,021.33) per ounce yesterday.

The gold price dropped below $1,900 per ounce last night due to the strengthening dollar, while progress in the development of a Covid-19 vaccine caused investors to reduce their holdings in the safe-haven asset.

The Hong Kong gold price dropped by HK$150, opening at $17,200 (Bt70,135.24) per tael this morning, the Chinese Gold and Silver Exchange Society reported.

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