Gold cost drops further despite spot gold price rise
The price of gold dropped by Bt150 per baht weight in morning trade on Wednesday, the Gold Traders Association reported.
As of 9.29am, the buying price of a gold bar was Bt26,900 per baht weight and selling price Bt27,000, while gold ornaments cost Bt26,408 and Bt27,500, respectively.
At close on Tuesday, the buying price of a gold bar was Bt27,050 per baht weight and selling price Bt27,150, while gold ornaments cost Bt26,560.32 and Bt27,650, respectively.
The spot gold price moved to US$1,879 (Bt56,796) per ounce in the morning after the price rose by $22 to $1,876.4 per ounce at Tuesday’s close, thanks to mass buy-ups in the precious metal after its price dropped almost $100 at Monday’s close due to mass sell-offs of the safe-haven asset in response to the good progress in developing a Covid-19 vaccine.
The Hong Kong gold price meanwhile dropped by HK$60 to $17,380 (Bt67,753) per tael, the Chinese Gold and Silver Exchange Society reported.
