Gold slumps amid positive news on Covid-19 vaccine, Biden victory
The price of gold dropped sharply by Bt1,200 per baht weight in morning trade on Tuesday, the Gold Traders Association reported.
As of 9.27am, the buying price of a gold bar was Bt27,000 per baht weight and selling price Bt27,100, while gold ornaments were priced at Bt26,514.84 and Bt27,600, respectively.
At close on Monday, the buying price of a gold bar was Bt28,200 per baht weight and selling price Bt28,300 while gold ornaments were Bt27,697.32 and Bt28,800, respectively.
Spot gold price moved to US$1,877 (Bt57,174) per ounce in the morning after the price dropped by US$97.3 to $1,854.4 per ounce at close on Monday due to mass sell-offs of safe-haven assets in response to the good progress in developing a Covid-19 vaccine, and former vice president Joe Biden's victory in the US presidential election.
Hong Kong gold price dropped by HK$800 to $17,330 (Bt68,082) per tael on Tuesday morning, the Chinese Gold and Silver Exchange Society reported.
