Gold drops sharply over US bond yield rise, strong dollar
The price of gold dropped by Bt350 per baht weight in morning trade on Wednesday, the Gold Traders Association reported.
As of 9.26am, 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 on Tuesday, the buying price of a gold bar was Bt28,150 per baht weight and selling price Bt28,250, while gold ornaments cost Bt27,636.68 and Bt28,750, respectively.
The spot gold price moved to US$1,880 (Bt58,905) per ounce on Wednesday morning after the price dropped by $11.30 to $1,908.80 per ounce at yesterday’s close due to a strengthening dollar and a rise in the US bond yield that hit the highest in four years.
The Hong Kong gold price dropped by HK$280, opening at $17,350 (Bt70,143) per tael this morning, the Chinese Gold and Silver Exchange Society reported.
