Gold price drops amid strong dollar, US stock market rise
The price of gold dropped by another Bt150 per baht weight in morning trade on Thursday, the Gold Traders Association reported.
As of 9.27am, the buying price of a gold bar was Bt26,700 per baht weight and selling price Bt26,800, while gold ornaments cost Bt26,226.80 and Bt27,300, respectively.
At close on Wednesday, the buying price of a gold bar was Bt26,850 per baht weight and selling price Bt26,950, while gold ornaments cost Bt26,363.24 and Bt27,450, respectively.
The spot gold price moved to US$1,869 (Bt56,487) per ounce in the morning after the price dropped by $14.80 to $1,861.60 per ounce at Wednesday’s close due to a strengthening dollar and mass sell-offs of the safe-haven asset amid the rise in the US stock market, especially the Nasdaq Index, which increased by more than 2 per cent.
The Hong Kong gold price meanwhile dropped by HK$100 to $17,260 (Bt67,283) per tael this morning, the Chinese Gold and Silver Exchange Society reported.
