TUESDAY, March 19, 2024
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Gold price slumps due to stronger dollar, rising US bond yield

Gold price slumps due to stronger dollar, rising US bond yield

The price of gold dropped by Bt100 per baht weight during the morning trade on Friday, the Gold Traders Association reported.

As of 9.26am, the buying price of gold bar was Bt28,150 per baht weight and selling price Bt28,250, while gold ornaments cost Bt27,636.68 and Bt28,750, respectively.

On Thursday'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 Comex (Commodity Exchange) gold price to be delivered in December dropped by US$24.9 or 1.29 per cent, closing at $1,904.6 (Bt59,621) per ounce on Thursday.

The price of gold has dropped sharply due to the strengthening dollar and rising US bond yields, which has cut down on investors’ interest in gold as a safe-haven asset.

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