Gold's glitter fades as US reports strong economic data
The price of gold dropped by Bt100 per baht weight in morning trade on Saturday, the Gold Traders Association reported.
As of 9.25am, the buying price of a gold bar was Bt27,950 per baht weight and selling price Bt28,050, while gold ornaments were priced at Bt27,439.60 and Bt28,550, respectively.
At close on Friday, 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.
Comex (Commodity Exchange) gold price to be delivered in December dropped by US$2.5, or 0.13 per cent, closing at $1,906.4 (Bt59,487) per ounce on Friday. The precious metal price dropped by 1 per cent this week.
Gold price closed in negative territory due to strong US economic data, causing interest in gold as a safe-haven asset to fade.
