Gold loses its glitter due to strong dollar
The price of gold dropped by a sharp 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 Bt27,900 per baht weight and selling price Bt28,000, while gold ornaments cost Bt27,394.12 and Bt28,500, respectively.
At Tuesday’s close, the buying price of a gold bar was Bt28,250 per baht weight and selling price Bt28,350, while gold ornaments cost Bt27,742.80 and Bt28,850, respectively.
The spot gold price dropped sharply, by $34.3 to $1,894.6 (Bt59,065) per ounce, at Tuesday’s close due to a strengthening dollar as investors bought the currency as a safe-haven asset amid uncertainty over the rollout of US economic stimulus measures.
The Hong Kong gold price dropped to HK$17,490 (Bt70,355) per tael on Wednesday morning, the Chinese Gold and Silver Exchange Society reported.
